This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Commercial Real Estate Deal Brings Landmark Building Back Home To MetLife

MetLife, Inc. (NYSE: MET) in a joint venture with Thayer Lodging Group recently acquired The Ritz-Carlton San Francisco for approximately $161 million. The sale bears historical significance for MetLife as the current hotel was the company’s west coast headquarters from 1909-1973.

“This is a tremendous acquisition for MetLife,” said Robert Merck, global head of MetLife Real Estate Investors. “The building boasts a long-standing history for our brand, making it a bit of a homecoming for us. We are thrilled to have the iconic building as part of our commercial real estate portfolio.”

The structure was designed by Napoleon Le Brun & Sons of New York and featured a white cube with four Ionic columns, rich filigree and two large bronze doors. A torch-like lamp hanged over the entrance way to symbolize the company’s “watchful service to policy holders” under the shadow of “the light that never fails.”

Over the years, several expansions and renovations took place, including a monument-like façade, 18 Ionic columns supporting an entablature of winged hourglasses, and 185 lion's heads sprawled across the building’s courtyards.

Eighty years after its opening, the building became vacant; however an extensive four-year renovation restored it to its original stature, and in 1991, the building re-opened as The Ritz-Carlton, San Francisco. Continued renovations are expected over the next two years under the stewardship of Thayer Lodging Group and MetLife Real Estate Investors.

“This investment complements our long-term approach to real estate properties,” continued Merck. “We focus on quality properties in major markets, and we’re confident the San Francisco market is poised for a continued recovery, particularly within the hotel sector.”

MetLife originated, through its real estate investments department, more than $9.6 billion in commercial mortgage loans in 2012. The company continues to be the largest portfolio lender in the insurance industry with $43.1 billion in commercial mortgages outstanding at year end 2012. MetLife’s real estate portfolio includes investments in office, apartment, retail, industrial and hotel properties.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs