08 October 2015
MetLife has set up a joint venture with two developers, The John Buck Company (JBC) and Golub Real Estate, to build a 743,000 square-feet, class A office building San Francisco. Called Park Tower, it will be located in the Transbay Transit Center, currently under construction.
MetLife is an equity investor. Financial details were not disclosed.
Completion of Park Tower is scheduled for mid-2018 to coincide with the opening of the multi-billion-dollar Transbay redevelopment project located three blocks from San Francisco Bay.
"MetLife is excited to be involved in the Park Tower project in San Francisco as it fits our long-term strategy of developing core assets in markets with strong fundamentals," said Robert Merck, senior managing director and head of global real estate for MetLife. Construction of the 43-floor office tower will begin next month.