New York Life Real Estate Investors Acquired Norris Tech Center.
NEW YORK, February 5, 2014—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of Norris Tech Center, a 193,510 square foot office / R&D project located in San Ramon, California. The acquisition was concluded as a joint venture with Cannae Partners of San Francisco, California.
Located in the Bishop Ranch area of San Ramon, Norris Tech Center was originally constructed in 1984 and consists of two buildings: a single story, 96,575 square foot single-story R&D Flex building; and a two-story 96,975 square foot office building. The combined buildings are currently 55 percent leased to four different tenants.
Norris Tech Center benefits from proximity to an abundance of retail amenities, having a location within a premier business park, an abundance of surrounding mature landscaping and immediate access to neighboring I-680 freeway and other transportation options. Considerable amounts will be expended in updating the appearance and operation of each building, making them more consistent with surrounding properties. These efforts are expected to be rewarded by improving market conditions which currently include a 5.3 percent vacancy rate in San Ramon.
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. New York Life Real Estate Investors 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. As of September 30, 2013, New York Life Real Estate Investors manages $35.5 billion in AUM and is actively seeking to acquire additional properties 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.
*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.
**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 2/3/14.
For New York Life