Deals
MetLife Takes Majority Stake in New San Francisco Office Tower
- Insurer invests in third-priciest office market as rents jump
- Park Tower at Transbay to break ground Tuesday, finish in 2018
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MetLife Inc. is taking a majority stake in a 43-story office tower being built next to San Francisco’s Transbay Transit Center, expanding the biggest U.S. life insurer’s holdings in one of the country’s most expensive office markets.
MetLife formed a joint venture with Chicago-based John Buck Co. and Golub & Co. for the property, called Park Tower at Transbay, the companies said in a statement before the building’s groundbreaking Tuesday. The tower, which doesn’t yet have a tenant, is scheduled for completion in 2018.