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MetLife Investment Management and Norges Bank Investment Management Announce $825.1 Million Acquisition of One Memorial Drive

Largest single-asset office transaction in the U.S. market for 2021

MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), and Norges Bank Investment Management (NBIM), the asset management division of Norges Bank, today announced the acquisition of One Memorial Drive in Cambridge, Massachusetts for $825.1 million. The transaction represents the largest single-asset U.S. office transaction to date in 2021, according to data provider CoStar.

One Memorial Drive is a 17-story, Class A office building located on the Charles River with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems Corporation and Microsoft Corporation.

Robert Merck, global head of Real Estate and Agriculture at MetLife Investment Management, said: “We continue to see significant areas of opportunity within the commercial real estate sector despite the challenges posed by the pandemic over the last 18 months. We are delighted to have once again partnered with Norges Bank Investment Management on a landmark transaction for the U.S. commercial real estate market, one which we believe will create strong value in the years to come.”

The acquisition underscores MIM’s and NBIM’s focus on sustainability. One Memorial Drive received LEED silver certification from the U.S. Green Building Council in 2017. MIM plans to build on past efforts to create an even more sustainable and healthy workplace. One Memorial Drive will be included in MIM’s MetZero™ program which uses a Carbon Cascade™ approach to reduce net greenhouse gas emissions year over year. By reducing emissions through a combination of energy efficiency and on- and off-site renewables, One Memorial Drive will continue to align with the environmental goals of its tenants and the community.

Sara Queen, head of Real Estate Equity at MetLife Investment Management, said: “We’re proud to continue partnering with the team at Norges Bank Investment Management as we add high-quality office properties that will generate value over the long-term for our portfolio and our clients. The One Memorial Drive transaction reinforces our approach of targeting properties in strategic geographies and markets, as well as our commitment to environmental sustainability across our real estate portfolio.”

The transaction is the latest joint venture between MIM and NBIM, building on a program established in 2013 to invest in Class A office properties in key U.S. markets. The MIM and NBIM joint ventures received a 5-star rating from Global Real Estate Sustainability Benchmark (GRESB) last year.

“One Memorial Drive reflects our continued strategy to pursue top commercial real estate assets in highly coveted markets,” added Ashleigh R. Simpson, regional head of Acquisitions and Joint Ventures at MetLife Investment Management. “Located in a city where demand for office space significantly outstrips supply, and with reliable tenants in resilient industries such as technology and life sciences, we believe One Memorial Drive will be a trophy property within our portfolio.”

MIM and NBIM acquired the property from Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives.

MetLife Investment Management’s commercial real estate platform comprises equity and debt origination and asset management capabilities across 13 offices in the U.S. and international markets, including the U.K., Japan, Korea, Chile and Mexico. MIM’s total commercial real estate assets under management was $106.6 billion in gross market value as of June 30, 20211. MIM has continued to be an active investor through the Covid-19 pandemic, with $4.5 billion in acquisitions, including One Memorial Drive, since January 2020. MIM’s real estate equity strategies include core, core-plus, build-to-core, value-add and opportunistic.

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of June 30, 2021 had $666.7 billion in total assets under management.2

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit

About Norges Bank Investment Management

Norges Bank Investment Management is the asset management division of Norges Bank, the Norwegian central bank. As manager of the Government Pension Fund Global, its mission is to safeguard and build financial wealth for future generations in Norway. Norges Bank Investment Management aims for the highest possible long-term return within the investment mandate set by the Norwegian Ministry of Finance. The fund is invested globally in equity, fixed income, and real assets and had investments worth 11,673 billion Norwegian kroner as at 30 June, 2021.

Forward-Looking Statements

The forward-looking statements in this news release, such as “believe,” “continue,” “generate,” “long-term,” “plans,” “provides,” remain,” “seek,” and “will,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.


1 As of June 30, 2021. At estimated fair value. Represents the value of all commercial mortgage loans and real estate equity managed by MIM, presented on the basis of gross market value (inclusive of encumbering debt).

2 Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.


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