MetLife Investment Management and Norges Bank Investment Management have acquired One Memorial Drive in Cambridge, Mass. for $825.1 million. The transaction represents the largest single-asset US office transaction to date in 2021, according to CoStar.
MIM and NBIM acquired the property from Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives.
One Memorial Drive is a 17-story, Class A office building located on the Charles River with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems and Microsoft.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
