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Multi-phase development will total approximately 8.5 acres once complete
ATLANTA, March 07, 2018
MetLife Investment Management, the institutional asset management business for MetLife, Inc. (NYSE: MET), has announced plans to move forward with a major mixed-use redevelopment project at 17th, West Peachtree and Spring Streets in Midtown Atlanta. MetLife Investment Management has submitted plans and renderings to the Midtown Alliance for the project at 1295 Spring Street, in conjunction with JLL (NYSE: JLL), which is providing project management and leasing services to MetLife Investment Management.
The submittal is focused on the Phase I parcel of land located on 17th Street and Spring Street on the east side of the Connector, which boasts close proximity to the Arts Center MARTA Station. It will include approximately 500,000 square feet of LEED Certified Class A office space, 87,000 square feet of retail, residential dwellings and a hotel, all focused around a central pedestrian promenade.
Phase I is the first part of a longer-term, multi-phase redevelopment, which when complete, will cover approximately 8.5 acres in Midtown Atlanta.
"Midtown Atlanta is thriving with companies, retail outlets and restaurant venues relocating to the area, cementing the district's reputation as a lively hub for work and play," said Tom Ryan, Southeast Regional Director, Real Estate for MetLife Investment Management. "This will be a vibrant, mixed-use project that will further bolster Midtown Atlanta's reputation as a destination of choice, and it will be a great complement to the area's many cultural attractions, such as the Woodruff Arts Center, the Center for Puppetry Arts and Center Stage, to name a few."
MetLife began assembling land at the development site in 2006 through a number of acquisitions. Once completed, the redevelopment will offer a dynamic, pedestrian-focused center where people can work, live, dine and shop.
In addition to JLL, MetLife Investment Management worked with Miami-based Arquitectonica to create the Master Plan, and with Atlanta-based architecture firm, Cooper Carry, to lead the building design.
About MetLife Investment Management
MetLife Investment Management ("MIM"), MetLife, Inc.'s institutional asset management platform, provides institutional investors including corporate and government pension plans, insurance companies and other financial institutions with long-term public and private investment and financing solutions. With operations in the Americas, Asia and the Europe, Middle East & Africa (EMEA) regions, MetLife Investment Management manages assets for third-party institutional investors, as well as the separate accounts and general accounts of MetLife, Inc. subsidiaries. MetLife Investment Management leverages a disciplined credit research and underwriting process to provide institutional investors with asset origination and acquisition opportunities and proprietary risk management analytics across traditional fixed income strategies, commercial real estate debt and equity investing, agricultural financing and private placements, among others. For more information, visit www.metlife.com/investments.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
This news release may contain forward-looking statements, as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future. Any or all forward-looking statements may turn out to be wrong. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties and other factors that might cause such statements to be wrong include, but are not limited to (1) difficult conditions in global capital markets; (2) changes in general economic conditions, including changes in interest rates or fiscal policies; (3) changes in the investment environment; (4) changed conditions in the securities or real estate markets; and (5) regulatory, tax and political changes.
For Media: James Murphy
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