Meritage acquired 15 Bay Ridge Avenue, a two-story office building containing 15,075 rentable square feet, on February 9, 2004. Metropolitan Life Insurance Company has occupied the entire building since it was constructed in 1967.

The property is located adjacent to two extremely attractive co-ops, steps from the large expensive homes along renowned Shore Road, and in close proximity to the Belt Parkway which serves all of Brooklyn, the Verranzano Narrows Bridge (which connects Brooklyn to Staten Island) and the Brooklyn-Queens Expressway which serves as a major hub between New York City, Brooklyn and Queens.

On July 1, 2004 agreement was reached with MetLife to extend their lease through December 31, 2011. Nearly $150,000 of tenant improvements were completed at the property in December 2004.