Metropolitan Life Insurance Co sold half interest in one of its Uptown Dallas properties.
The 50% stake of the 19-story 2100 McKinney tower at McKinney Avenue and Pearl Street was acquired by New York Common Fund.
MetLife bought the 350k SF tower in 2004 for nearly $85M. It's 97% leased. The insurance giant is building a new two-tower project with Trammell Crow next door, according to the Dallas Morning News.
Earlier in January, MetLife and the New York pension fund formed a real estate JV. The real estate portfolio is valued at about $1.4B and is managed by MetLife.
The JV also acquired a new 10-year loan for 2100 McKinney. The previous owner was a foreign investor who poured about $70M into the building. [DMN]
