MetLife Inc. is closing in on a deal to buy a preferred equity stake in a 25-story office tower in New York City's Garment District for up to $150 million in investment, The Real Deal reported.

Cushman & Wakefield is brokering the potential deal, which would value the 960,000-square-foot property at 498 7th Ave. at roughly $700 million.

The building's owner, George Comfort & Sons, and its partners JPMorgan Asset Management and Loeb Partners Realty were seeking additional equity and debt ahead of the relocation of 1199SEIU Healthcare Workers East into 580,000 square feet of space across 14 floors of the building. The healthcare union reportedly signed the lease in July.

MetLife and Cushman representatives declined to comment on the matter, while George Comfort representatives could not be reached, according to the publication.