Ilmarinen has invested in an office property in Atlanta, Georgia, U.S.A. This marks Ilmarinen’s eighth joint investment with New York Life Insurance Company.

The office property, which was completed in 1999, is located in the Buckhead district, north of central Atlanta. The area has an abundant supply of financial and technology sector jobs, as well as homes and services. The lettable surface area of the 19-storey building is 40,000 square metres, and its occupancy rate is some 90 per cent. The tenants of the office building include a number of technology, insurance, finance and real estate companies, the largest of which is USI Insurance Services.

“In the past few years, the Atlanta area has seen the creation of many new jobs, while the construction of new office buildings has been moderate, which has improved the occupancy rates of office premises. The office property we have acquired is located in one of Atlanta’s most affluent districts, and the high number of new homes and amenities that are nearing completion make it all the more attractive. The investment nicely complements our strategic partnership in the U.S. real estate market,” says Mikko Antila, 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 Atlanta office property is the joint venture’s eighth investment. The previously acquired properties are located in Boston, Charlotte, Los Angeles, Orange County, Phoenix, San Francisco and Washington D.C.

New York Life is the largest mutual life insurance company in the United States, and its investment division NYL Real Estate Investors has USD 53.1 billion in assets under management (as of September 30, 2018).