HOUSTON -MetLife has sold a 50% interest in the 71-story Wells Fargo Plaza in downtown Houston 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. ”
Wells Fargo Plaza is a 1.7 million square foot 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.