{"id":1004548711,"date":"2021-08-26T13:06:08","date_gmt":"2021-08-26T21:06:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548711"},"modified":"2022-12-08T06:35:56","modified_gmt":"2022-12-08T14:35:56","slug":"metlife-norges-buy-big-in-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-norges-buy-big-in-boston\/","title":{"rendered":"MetLife, Norges Buy Big in Boston"},"content":{"rendered":"\n<p>In an $825.1 million deal that marks the largest single-asset office sale so far this year, MetLife Investment Management and Norges Bank Investment Management have teamed up to buy One Memorial Drive in Cambridge, Mass., the investors announced on Thursday. The per-square-foot price of $2,000 represents a record for an office asset in Greater Boston.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004548719\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/metlife-norges-buy-big-in-boston\/14-136-019-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg\" data-orig-size=\"1383,915\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;Bill Horsman&quot;,&quot;camera&quot;:&quot;NIKON D800&quot;,&quot;caption&quot;:&quot;One Memorial Drive Cambridge, MA for onetime use by Eastdil Secured \\u0026amp; Oxford Properties&quot;,&quot;created_timestamp&quot;:&quot;1357561472&quot;,&quot;copyright&quot;:&quot;\\u00a9 Bill Horsman all rights reserved 2014&quot;,&quot;focal_length&quot;:&quot;44&quot;,&quot;iso&quot;:&quot;125&quot;,&quot;shutter_speed&quot;:&quot;0.0028571428571429&quot;,&quot;title&quot;:&quot;14-136-019&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"One Memorial Drive\" data-image-description=\"&lt;p&gt;Aerial view of One Memorial Drive, Cambridge, Mass.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;One Memorial Drive Cambridge, Mass. Image courtesy of Oxford Properties&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg?w=696\" alt=\"\" class=\"wp-image-1004548719\" width=\"1024\" height=\"677\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg 1383w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg?resize=300,198 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg?resize=768,508 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive_1383x915.jpg?resize=1024,677 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>One Memorial Drive Cambridge, Mass. Image courtesy of Oxford Properties<\/figcaption><\/figure><\/div>\n\n\n\n<p>Located on the Charles River, the 409,422-square-foot property rises 17 stories next near the Massachusetts Institute of Technology. It is fully leased to Microsoft Corp. and to InterSystems Corp. The 35-year-old property was renovated in 2018.<\/p>\n\n\n\n<p>Eastdil Secured represented the sellers, Oxford Properties Group and institutional investors advised by J.P. Morgan Global Alternatives. Oxford and J.P. Morgan had acquired the property in 2014 as part of a portfolio sale.<\/p>\n\n\n\n<p>Four years ago, Oxford repurposed a floor of underutilized parking space into office space, increasing the property\u2019s rentable footprint by 10 percent. InterSystems leased the additional space.<\/p>\n\n\n\n<p>Office deals on this scale have been relatively uncommon of late, but the sale price for One Memorial Drive eclipses even such major deals as Harbor Group International\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/cbs-building-sells-for-760m\/\">recent $760 million acquisition<\/a> of the CBS Building in Midtown Manhattan.<\/p>\n\n\n\n<p>Both buyer and seller have been active in the investment market this summer. MetLife acquired MetLife Real Estate Investment has purchased The Offices Two at Frisco Station, part of a $1.8 billion mixed-use campus in Frisco, Texas. For Oxford, the sale of One Memorial Drive marks the second major transaction in less than a week. On Aug. 17, the company announced that it had agreed to pay $2.2 billion for an <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-and-oxfords-2-2b-industrial-deal\/\">industrial portfolio owned by KKR.<\/a><\/p>\n\n\n\n<p>Oxford will use proceeds from the sale to fuel investment in the Boston area and elsewhere, said Chad Remis, executive vice president for North America, in a statement. Remis cited the investor\u2019s interest in life science, multifamily and logistics properties. As part of its $1.2 billion investment in life science properties this year, Oxford has acquired three fully leased assets in the Boston area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $825 million sale price is the highest paid for a single office asset this year. <\/p>\n","protected":false},"author":445,"featured_media":1004548846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,21742,10,21747],"tags":[33223,44078,45452,33104],"class_list":["post-1004548711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-latest","category-northeast","category-office","tag-j-p-morgan-asset-management","tag-metlife-investment-management","tag-norges-bank-investment-management","tag-oxford-properties-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MetLife, Norges Buy Big in Boston - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metlife-norges-buy-big-in-boston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife, Norges Buy Big in Boston\" \/>\n<meta property=\"og:description\" content=\"The $825 million sale price is the highest paid for a single office asset this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-norges-buy-big-in-boston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-26T21:06:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:35:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/One-Memorial_Drive.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1220\" \/>\n\t<meta property=\"og:image:height\" content=\"915\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-norges-buy-big-in-boston\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-norges-buy-big-in-boston\\\/\"},\"author\":{\"name\":\"Paul Rosta\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ed97e8245f278ce01a7b951f706152af\"},\"headline\":\"MetLife, Norges Buy Big in Boston\",\"datePublished\":\"2021-08-26T21:06:08+00:00\",\"dateModified\":\"2022-12-08T14:35:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-norges-buy-big-in-boston\\\/\"},\"wordCount\":340,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-norges-buy-big-in-boston\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/08\\\/One-Memorial_Drive.jpg\",\"keywords\":[\"J.P. 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