An investment subsidiary of a Bermuda-based reinsurer took steps to control more prime commercial real estate in the US with the closing on their purchase of a majority interest in the partnership that owns Copley Place. Overseas Partners Ltd. (OPL), a Bermuda incorporated insurer that was spun off from courier company United Parcel Service of America Inc. (UPS) 14 years ago, developed in 1989 Overseas Partners Capital Corporation (OPCC), its Atlanta-based real estate investment arm. Their latest acquisition, Copley Place, is a 9.5 acre mixed-use complex in the Back Bay area of Boston, for which OPCC will be the managing general partner. Chicago-based JMB Realty Corporation will retain the remaining minority interest.

Copley Place includes the 370,000 square-foot upscale shopping centre, the 840,000 square-foot office complex, and 1,525 parking spaces. OPCC almost four years ago purchased another aspect of Copley Place, the 1,200-room Marriott Hotel.

The latest purchase is the third deal in four months. Last month, OPCC purchased the 826,000 square-foot 333 West Wacker Building in Chicago from Equitable Real Estate Investment Management.

In September, OPCC closed on the purchase from Mutual Life Insurance Co. of New York of the 900,000 square foot Atlanta Financial Center.

Another JMB partnership, Urban Retail Properties Co. will continue to be involved in the management and leasing of the property.

Copley Place was developed by Urban Investment and Development in 1983.

REAL ESTATE RE