New York Life Real Estate Investors Closes on the Acquisition of Weston Pointe in Weston, FL
New York, February 8, 2016—New York Life Real Estate Investors announced today the acquisition, on behalf of the Madison Core Property Fund, of Weston Pointe, a 388,112 square foot institutional quality office park comprised of four buildings located in Weston, Florida.
Built from 1999 to 2006, the property was 99 percent leased at the time of sale and is viewed as a best-in-class asset in one of the most desirable suburban office markets in Broward County. Corporate tenants include Wells Fargo, BB&T, Merrill Lynch, Regus, Ultimate Software and the General Services Administration. The property’s proximity to major South Florida roadways allows employers to draw workers from surrounding counties as well.
“Weston Pointe represents an excellent opportunity to invest in a top tier asset in one of Broward County’s premier submarkets,” said Steven Osborne, senior director at New York Life Real Estate Investors. “With significant capital budgeted to upgrade and to maintain the property, Weston Pointe will be well positioned to take advantage of the increasing demand from companies seeking high quality office space in one of the best locations within the county.” said Kevin Smith, managing director at New York Life Real Estate Investors.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
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 $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors 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. 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, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***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 Insurance Company