Metlife close to buying Constitution Center in Washington: WSJ
(Reuters) - MetLife Inc (MET.N) is close to an agreement to buy the 1.4 million-square-foot Constitution Center in Washington, D.C., for $750 million, the Wall Street Journal reported, citing people familiar with the transaction.
The paper said the 10-story office building, owned by David Nassif Associates, was put on the market in the spring of 2011 and some brokers had expected it to fetch $900 million.
But the market outlook weakened since then, the Journal reported, as the likelihood of further cuts in federal spending increased. link.reuters.com/kuc83t
The building is currently about 30 percent occupied, the business daily reported, and is expected to be about 75 percent occupied by early next year.
Officials at MetLife were not immediately available for comment.
(Reporting By Vrinda Manocha in Bangalore; Editing by Ken Wills)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- UPDATE 2-UK launches hunt for man with British accent on beheading video
- Islamic State opens new anti-U.S. front with beheading video
- UPDATE 1-Sears Canada reports loss, revenue slides 12 pct
- Govt begins revamp of Food Corporation of India to cut waste, tame prices