NML buys office buildings near Nashville for $44.6 million

Northwestern Mutual now has $600 million invested in region

Northwestern Mutual headquarters
Northwestern Mutual Life Insurance Co.'s headquarters in downtown Milwaukee.

Northwestern Mutual Insurance Co. has invested $44.6 million in the Nashville area, bringing the company’s total investment in the region to approximately $600 million.

Northwestern Mutual headquarters
Northwestern Mutual Life Insurance Co., headquarters in downtown Milwaukee

The Milwaukee insurance giant purchased two four-story office buildings, Park Center I and II, in Brentwood, an affluent suburb of Nashville. The deal was brokered by Cushman & Wakefield.

Northwestern Mutual is also working on a major mixed-use project in downtown Nashville called, Capitol View, which will include office, retail and residential space. Boyle Investment Company, Northwestern Mutual’s longtime partner in Nashville, will manage the properties.

“Northwestern Mutual has a long history of successful real estate investments in Nashville,” Alexandra Mastro, a director for Northwestern Mutual Real Estate,” said in a written statement. “We like the fundamentals of Nashville overall and of this submarket (Brentwood) in particular.”

Northwestern Mutual Real Estate, the Milwaukee-based company’s real estate arm, is one of the largest investors in real estate in the country, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial.

The $30 billion to $35 billion real estate investment portfolio is composed of 85 percent fixed income and 15 percent equity investments.

In Milwaukee, the company is currently building Northwestern Mutual Tower and Commons,  a $450 million, 32-story, 1.1 million-square-foot office building on its headquarters campus. That project is expected to be complete in 2017.

The company is also planning to build a 33-story, mixed-use tower on the block bounded by North Van Buren, North Jackson, East Mason and East Wells streets.

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