Goodwin’s Real Estate team advised New York Life Real Estate Investors as it entered into a joint venture with Ilmarinen Mutual Pension Insurance Company, Finland’s oldest pension fund, targeting core and core-plus office investments in major U.S. markets. New York Life seeded the venture with a portfolio of initial investments, all of which are in primary markets including Boston, Washington D.C., Los Angeles, San Francisco, Orange County and Charlotte. New York Life sold a 49% interest to Ilmarinen and will retain a 51% interest in the venture, which will continue to acquire additional office properties with the goal of building a $1.2 billion portfolio. New York Life Real Estate Investors will manage the joint venture.
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.
For additional details on the joint venture, please read the press release.