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.
The 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.