MetLife Acquires First Allied Plaza for $150M

MetLife Inc. has recently completed the acquisition of a downtown San Diego office tower for a reported purchase fee of $156.8 million. The San Francisco office of the insurance giant is now the new owner of First Allied Plaza in San Diego, after it acquired the property from seller Lone Star Real Estate Funds, a Dallas-based company. The transaction was completed with the help of brokerage Eastdil Secured LLC, who represented the seller.

MetLife Inc. has completed the acquisition of a downtown San Diego office tower for a reported $156.8 million. The financial services giant is now the new owner of First Allied Plaza in San Diego, after its San Francisco office acquired the property from Lone Star Real Estate Funds of Dallas. Eastdil Secured L.L.C. represented the seller.

Located on a 1.7-acre parcel at 655 W. Broadway, the 376,703-square-foot property was completed in 2005. The property’s tenant roster includes the law firm Robbins Geller Rudman & Dowd L.L.P., consulting firm Deloitte and First Allied Securities Inc., a financial advisory company.

According to The San Diego Business Journal, at the time of the transaction, the property was 12 percent vacant. First Allied Plaza most recently traded in 2013 when Lone Star Real Estate Funds acquired it as part of a $621.5 million, 33-property portfolio.

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