Ilmarinen Invests in Office Property in Phoenix, Arizona
Ilmarinen has invested in an office property in Phoenix, Arizona, U.S.A. This marks Ilmarinen’s seventh co-investment with New York Life Insurance Company.
The office building, completed in 2000, is located in Phoenix, in an area called the Camelback Corridor. The lettable area of the eight-storey building is 28,200 square metres, and its premises are at near full occupancy. The building’s tenant base comprises of companies operating in the financial, legal and technology sectors, among others.
“Phoenix is one of the fastest-growing metropolitan areas in the U.S. in terms of population and job creation. This property is modern, with flexibly divisible floor plates, and it is located in one of the city’s most-desired office locations. The investment nicely complements our strategic partnership with New York Life in the U.S. real estate market,” says Mikko Antila, Ilmarinen’s Head of International Real Estate.
Ilmarinen entered into a strategic partnership with New York Life in 2017. The joint venture owned by the companies makes long-term investments in office properties in growing U.S. metropolitan areas. The building in Phoenix is the joint venture’s seventh acquisition to date. The previously acquired properties are located in Boston, Washington D.C., Charlotte, San Francisco, Los Angeles and Orange County. The number of co-investments will be increased in the coming years.
New York Life is the largest mutual life insurance company in the United States, and its division NYL Real Estate Investors, responsible for the management of the joint venture, has some USD 50 billion in assets under management.
Ilmarinen’s real estate investments are valued at approximately EUR 5.8 billion, roughly one fifth of which consists of foreign real estate investments. Ilmarinen’s investment strategy aims at increasing the international diversification of its real estate portfolio. In addition to the U.S. market, Ilmarinen has real estate investments in Germany, Belgium, the Netherlands and the U.K., to name a few. Finnish real estate, however, will continue to make up the core of Ilmarinen’s real estate portfolio.
For more information, please contact: Mikko Antila, Head of International Real Estate, tel. +358 050 5779066