NEW YORK, NY--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) announced that it has completed the sale of a 50% interest in Wells Fargo Plaza (top left photo) 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 (middle right photo), 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 longterm 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 (middle left photo) and Executive Managing Directors Scott Galloway (lower right photo) 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.
For more information, visit www.metlife.com/realestate.
For more information, visit http://www.metlife.com/.
Contacts
MetLife, Inc., Emily Phillips, (212) 578-7217
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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