MetLife-Led Venture Buys Washington’s Constitution Center

MetLife Inc. (MET), the largest U.S. life insurer, bought the Constitution Center office building in Washington in a partnership with an institutional investor.

The 10-story 1.4 million square-foot (130,000-square-meter) property, located two blocks from the National Mall, is fully leased, New York-based MetLife said in a statement on its website. Financial terms weren’t disclosed and MetLife’s U.S.- based partner in the joint venture wasn’t named. The seller was David Nassif Associates.

“We are pleased to acquire an asset of this quality, which is positioned to provide attractive returns over a long-term investment horizon,” Robert Merck, global head of MetLife Real Estate Investors, said in the statement. MetLife “will target opportunities to leverage our existing organizational expertise and scale to create long-term value for our investors.”

MetLife, which invests in office, apartment, hotel, retail and industrial real estate in major markets around the world, yesterday announced a joint venture with Loews Corp. (L) for ownership of the 632-room Loews Hollywood Hotel in California.

A $250 million renovation of the Constitution Center was completed this year, according to the statement.

Clarion Partners LLC advised MetLife’s joint venture partner and Eastdil Secured LLC represented the seller.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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