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Sunday, Sep 25, 2022
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Downtown Office Tower Part of $704 Million Purchase Deal

The downtown San Diego office tower known as First Allied Plaza is part of an 11-property, multi-state portfolio acquisition by the New York State Common Retirement Fund, valued at approximately $704 million.

According to CoStar Group and public data, the seller was MetLife Real Estate Investments, an affiliate of Metropolitan Life Insurance Co., aka MetLife Inc. The deal included the 23-story tower at 655 W. Broadway, which MetLife purchased in December 2014 for $156.8 million.

The 376,703-square-foot First Allied Plaza was built on 1.7 acres in 2005 and had approximately 200 tenants at the time of the recent sale. Tenants include several law and financial services firms, including Robbins Geller Rudman & Dowd LLP, Deloitte and First Allied Securities Inc.

The latest purchase by the New York pension fund included office and industrial buildings totaling more than 3.6 million square feet, with properties also located in Atlanta, Miami, Dallas, San Jose, Chicago and Arlington, Va.

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