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New York Life Real Estate Investors forms JV targeting office investments

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New York Life Real Estate Investors forms JV targeting office investments

New York Life Real Estate Investors formed a joint venture with Finnish pension fund Ilmarinen Mutual Pension Insurance Co., with the goal of creating a $1.2 billion U.S. office portfolio.

Ilmarinen Mutual bought a 49% stake in the venture, with New York Life Real Estate retaining a 51% stake and acting as manager of the venture.

New York Life Real Estate seeded the venture with properties in Boston; Washington, D.C.; Los Angeles; San Francisco; Orange County, Calif.; and Charlotte, N.C.