New York Life Real Estate Investors Acquired Centerstone Plaza.
NEW YORK, November 22, 2013—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of Centerstone Plaza, a 159,880 square foot office and retail project located in Irvine, California.
Centerstone Plaza is currently 94% leased and is comprised of four, 2-story office and medical office buildings and two, free standing single-story restaurants. Centerstone Plaza is located within the North Irvine submarket, adjacent to the Woodbridge master planned housing development, which is one of the original and largest master-planned housing communities in the Irvine Ranch. The tenant mix caters to the nearby housing developments with ground floor/walk-in real estate offices, an educational company, a bank, and the St. Joseph Hospital Irvine Health Center.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments***, an indirect wholly-owned subsidiary 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 principal focus of New York Life Real Estate Investors is the 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. As of September 30, 2013, New York Life Real Estate Investors had AUM of $35.5 billion and is actively seeking to acquire additional properties in the southeast metropolitan areas and throughout the U.S.
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, May 20, 2013.
See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
**Source: Individual Third Party Ratings Reports as of 6/4/13.
***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.
For New York Life