San Francisco-based MetLife Investment Management is the new owner of Koll Center Newport after winning an auction for the two-building office property in Newport Beach. MetLife Investment’s winning bid was $70 million, according to public records.
The institutional investment manager acquired the property, which once included Hyundai Capital America as a tenant, from Agoura Hills-based Beacon Default Management Inc.
A trustee deed for the property that was acquired by the Business Journal showed the property was in default, with an unpaid debt of $108.5 million. The office campus was sold as part of a public auction on Aug. 28.
“Beacon Default Management Inc. conveyed this 376,781-square-foot office portfolio—comprising the East Tower and West Tower of Koll Center Newport—to MetLife Investment Management via trustee’s deed upon sale following a recorded default,” according to CoStar.
Read more about this transaction in the Sept. 25 issue.
