Updated Saturday: NYC-Based Insurer Joins with Norway Firm for a Boston Investment

New York-based insurer MetLife Inc. today announced it is teaming with a Norway investment firm to invest in office space "in key U.S. markets over an extended period."

MetLife and its new partner, Norges Bank Investment Management, of Oslo, Norway, also announced its first joint-venture investment: One Financial Center in Boston.

The parties' investments will be made through affiliates of the parents.

One Financial Center is a 46-story, 1.3 million-square foot office tower Boston’s financial district at 10 Dewey Square, near South Station.

In a press release, Metlife notes that it increased its current building share by 2.5 percentage points, while NBIM bought a 47.5% share from Beacon Capital.

The Norway investment firm is the nation's hedge against oil price fluctuations. The government invests oil revenue in the fund, and the Norges fund in turn invests in assets worldwide; it has recently been focusing on real estate abroad. 

Yesterday, we noted that MetLife had joined a new 42-story, $317 million residential project in San Francisco.

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