MetLife Investment Management is the new owner of a two-tower office campus in Newport Beach. The San Francisco-based firm paid $70 million via the assumption of a loan for the East and West Towers of Koll Center Newport, the Orange County Business Journal reported. The sale at 4000 MacArthur Boulevard is below the outstanding $108.5 million loan on the property, per a trustee deed related to the transaction. Agoura Hills-based Beacon Default Management acted as trustee in the transaction for the 376,871-square-foot office portfolio. At the time, it was the largest reposted default on a loan tied to an office […]
This article originally appeared on The Real Deal. Click here to read the full story.
Powered by WPeMatico