MetLife Gives $120M for Rockpoint’s LA Office Building Buy
MetLife Investment Management announced last week it provided $120 million to Boston-based real estate private equity fund Rockpoint Group for the acquisition of a Miracle Mile, Class-A office property at 5670 Wilshire Blvd. in Los Angeles.
The 10-year, fixed-rate loan closed on Jan. 3, marking MetLife’s first closed deal of 2018, Gary Dinka, a managing director within MetLife’s debt strategies group, told Commercial Observer. Brokerage Eastdil Secured acted as the deal’s intermediary, according to Dinka.
“This deal came about via our relationships with both the sponsorship Rockpoint and intermediary Eastdil,” Dinka told CO. “With our local presence in L.A., we naturally were aware of the real estate and the acquisition while it was in the works. The location, repeat borrower and fresh equity were just some of the attributes of the deal that we liked.”
Rockpoint purchased the the 27-story, 445,004-square-foot building from Blackstone Group in April 2017 for $215 million, or $483 per square foot, The Real Deal first reported, marking a big win for Blackstone, which had paid $137 million for the building in 2006.
Officials at Rockpoint Group could not immediately be reached for comment. A representative for Eastdil Secured did not immediately return a request for comment.