MetLife Inc. has sold the 530,000 sq. ft. 501 Boylston St. building in Boston to locally based Beacon Capital Partners LLC for a reported $130 million.

The companies also entered into a leaseback arrangement that will allow MetLife to move its affiliate New England Financial Associates out of the building.

"The sale of 501 Boylston St. is a good business opportunity for MetLife due to the current real estate market," said Lisa Weber, senior executive vice president and chief administrative officer for MetLife, in a statement. Weber added that the New York-based insurer will continue to maintain a presence in Boston.

The biggest U.S. life insurer, MetLife is selling about $1.7 billion of real estate as part of a plan to raise capital and protect its credit ratings.