News & Analysis

Metlife provides $267m on Washington, D.C. office property

MetLife provided a $267m loan to Mirae Asset Global Investments for the acquisition of 1801 K Street in the nation’s capital, Washington, D.C. 1801The five-year, fixed-rate loan represents 60 percent of the $445m the South Korea-based investor paid for the 13-story office property. The seller, Somerset Partners, and architect Skidmore, Owings and Merrill completed a redesign and redevelopment of the 563,000 sq ft asset, located in D.C.’s Central Business District in 2009.

By
Al Barbarino
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MetLife provided a $267m loan to Mirae Asset Global Investments for the acquisition of 1801 K Street in the nation’s capital, Washington, D.C.

1801The five-year, fixed-rate loan represents 60 percent of the $445m the South Korea-based investor paid for the 13-story office property.

The seller, Somerset Partners, and architect Skidmore, Owings and Merrill completed a redesign and redevelopment of the 563,000 sq ft asset, located in D.C.’s Central Business District in 2009.

The renovation included new illuminated lobbies conceived by artist Leo Villareal, a new glass curtain wall, along with new elevator lobbies, cabs and modernized systems.

Mirae’s US holdings include 2550 M Street, anchored by international law firm Squire Patton Boggs; and 225 West Wacker, a flagship tower in Chicago’s.

“We are very pleased [with] the purchase of 1801 K Street and we will continue investing in trophy class properties in major gateway cities across the USA,” said DongChul Shin, head of real estate investments for Mirae, in a statement.

JLL, which is among the building’s tenants, brokered the deal. KPMG and retailer Nordstrom Rack are among other tenants.

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