| NEW YORK
NEW YORK Dec 13 MetLife Inc and an
undisclosed joint-venture partner have bought Washington D.C.'s
largest, privately owned office building, the insurance company
said on Thursday.
The purchase price for Constitution Center at 400 7th St. SW
was about $730 million, a person familiar with the transaction
Insurers, hungry for yield, have been buying up well-leased
buildings that offer higher returns than bonds and relatively
The 10-story, 1.4 million square-foot building is fully
leased. A $250 million renovation was completed earlier this
The building is home to major U.S. government agencies, such
as the Federal Housing Finance Agency, Office of the Comptroller
of the Currency and the Federal Trade Commission.
MetLife's joint venture partner, an institutional investor
whose identity was not disclosed, was advised by Clarion
Partners LLc and Eastdil Secured brokered the sale.