New York Life Real Estate Investors Acquired 55 Lyman Street and 20 Freedom Way.
NEW YORK, July 30, 2014—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of two industrial properties in the greater Boston area. 55 Lyman Street is a 260,760 square foot, Class A, distribution facility located in Northborough, Massachusetts. 20 Freedom Way is a 234,664 square foot, Class A, distribution facility located in the Franklin Industrial Park, Franklin, Massachusetts. This acquisition is consistent with New York Life Real Estate Investors’ strategy of pursuing high-quality, functional industrial properties.
“55 Lyman Street and 20 Freedom Way are core warehouse assets that are well-located and 100 percent leased to credit tenants with no near-term rollover in a supply-constrained market,”, said Steven Osborne, Senior Director, New York Life Real Estate Investors, who oversees acquisitions in the Boston market. “This investment provides stable and predictable cash flow from a diverse tenant base.”
55 Lyman Street and 20 Freedom Way are 100 percent occupied by three tenants with long term leases. Both properties serve as key distribution facilities for the tenants, who have made significant investments in their spaces.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments* and NYL Investors, LLC, wholly-owned subsidiaries of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $37 billion in assets under management as of June 30, 2014, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. New York Life Investment Management LLC is a wholly-owned indirect subsidiary of New York Life Insurance Company.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s & (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
* Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/16/14. For methodology, see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 6/4/14.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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