MetLife Sells Stake in Houston Office Building
November 09 2011 - 1:41PM
Business Wire
MetLife, Inc. (NYSE: MET) announced today that it has completed
the sale of a 50% interest in Wells Fargo Plaza to New York State
Common Retirement Fund. MetLife will retain asset management
responsibilities and the remaining 50% interest.
“Selling a partial interest in Wells Fargo Plaza is an excellent
opportunity for MetLife to diversify its portfolio while still
holding a stake in this top tier property in a strong market,” said
Robert Merck, senior managing director and head of real estate
investments for MetLife. “This transaction allows us to leverage
our strong asset management platform and expands on the success
we’ve had in positioning Wells Fargo Plaza as a best-in-class
property. We are pleased to partner with such a reputable
institutional investor as New York State Common Retirement Fund who
shares our focus on risk management and our commitment to long-term
investing in high-quality assets.”
Wells Fargo Plaza is a 71-story, approximately 1.7 million
square foot, Class AA office tower located at 1000 Louisiana Street
in Houston’s Central Business District. The building is currently
96% leased to 37 tenants in the energy, legal and finance
industries. MetLife has been an owner of the property since its
development in 1983. Senior Managing Director Robert Williamson and
Executive Managing Directors Scott Galloway and Mark Gibson of
Holliday Fenoglio Fowler, L.P. represented MetLife in the
transaction and secured financing for the newly-formed joint
venture. Clarion Partners advised the Common Retirement Fund on
this transaction.
The New York State Common Retirement Fund exists to finance
benefits for more than one million active and retired state and
local government employees, police officers, and firefighters. With
approximately $146.9 billion of assets under management, it is the
third largest public pension plan in the U.S.
Through its real estate investments department, MetLife oversees
a well diversified real estate portfolio of over $60 billion*,
which is one of the largest in the U.S. and consists of real estate
equities, commercial mortgages and agricultural mortgages. MetLife
is a global leader in real estate investment and real estate asset
management, with a vast network of regional offices that keep in
close contact with major real estate markets. For more information,
visit www.metlife.com/realestate.
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 50 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
* As of 9/30/2011
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