MetLife and Norges Bank add to property partnership

|By:, SA News Editor

The joint venture between MetLife (MET -0.8%) and Norway's sovereign wealth fund purchased the Boston's One Beacon Street office building for about $561M. Met will own 52.5% of the tower, with Norges controlling the rest.

The two began their partnership late last year, with Met looking for fee income by attracting institutional investors to a new asset-management unit.