HOUSTON – MetLife has closed a $235 million loan secured by the 46-story BG Group Place, for a partnership advised by Invesco Real Estate.
Completed by Hines in 2011, BG Group Place is a 973,861 sf office building in downtown Houston at 811 Main, on the block bordered by Fannin, Rusk and Walker streets.
BG Group Place is just two blocks from Block 69, at Texas Avenue and Main, where Hines plans to break ground in early 2014 on another major office tower.
BG Group place is over 96 percent occupied and the Houston downtown market is strong. “The BG Group Place investment aligns well with our overall commercial real estate strategy and allows MetLife to grow in a key market for us,” said Robert Merck, senior managing director and head of real estate investments for MetLife.
The transaction was led by Chad McKenney and John Hall from MetLife’s Dallas regional office.
One of the largest CRE lenders, MetLife originated, through its real estate investments department, more than $9.6 billion in commercial mortgage loans in 2012.