{"id":1004034101,"date":"2011-11-10T09:20:19","date_gmt":"2011-11-10T17:20:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034101"},"modified":"2022-12-04T16:58:40","modified_gmt":"2022-12-05T00:58:40","slug":"metlife-sells-50-stake-in-houstons-wells-fargo-plaza-to-ny-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-sells-50-stake-in-houstons-wells-fargo-plaza-to-ny-fund\/","title":{"rendered":"MetLife Sells 50% Stake in Houston&#8217;s Wells Fargo Plaza to NY Fund"},"content":{"rendered":"<p><strong>November 10, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004034102\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/metlife-sells-50-stake-in-houstons-wells-fargo-plaza-to-ny-fund\/111011-wells-fargo-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg\" data-orig-size=\"500,667\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;OLYMPUS DIGITAL CAMERA&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"111011 &#8211; Wells-Fargo-Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg\" alt=\"\" title=\"111011 - Wells-Fargo-Plaza\" width=\"224\" height=\"300\" class=\"alignright size-medium wp-image-1004034102\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Wells-Fargo-Plaza.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/><\/a><\/p>\n<p>In a move to \u201cdiversify its portfolio,\u201d MetLife Inc. announced that it has completed the sale of a 50 percent interest in Wells Fargo Plaza to New York State Common Retirement Fund. Financial terms of the deal were not disclosed. <\/p>\n<p>As per terms of the deal, MetLife will retain both asset management responsibilities as well as the remaining 50 percent interest in the 71-story property. \u201cSelling 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,\u201d Robert Merck, senior managing director and head of real estate investments for MetLife, said. <\/p>\n<p>The approximately 1.7 million square feet of the Class A tower are located in Houston\u2019s Central Business District and are 96 percent leased to 37 tenants in the energy, legal and finance industries. MetLife has been an owner of the property since the office\u2019s construction in 1983. Holliday Fenoglio Fowler L.P. represented MetLife on the transaction, and Clarion Partners advised the Common Retirement Fund. <\/p>\n<p>Trends show that the move could be a lucrative one for the fund, as the city\u2019s office market \u2013 especially for Class A space \u2013 will become much more landlord-favorable in the coming quarters. <\/p>\n<p>A recent market report by services firm Jones Lang LaSalle sees the Houston market as one of the strongest in the country, mainly due to the area\u2019s focus on the energy industry. \u201cTenants remain active and continue to canvass the Houston market for high-quality spaces,\u201d the report noted, and \u201cuntil new buildings are delivered, concessions will continue to dry up and effective rates will increase in Houston\u2019s strongest submarkets\u201d \u2013 including the Central Business District. <\/p>\n<p>MetLife holds more than $60 billion of assets in its real estate portfolio. The New York State Common Retirement Fund exists to finance benefits of retired state and local government employees, police officers and firefighters. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a move to &#8220;diversify its portfolio,&#8221; MetLife Inc. announced that it has completed the sale of a 50 percent interest in Wells Fargo Plaza to New York State Common Retirement Fund. <\/p>\n","protected":false},"author":1201,"featured_media":1004034102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21783,21742,21747],"tags":[],"class_list":["post-1004034101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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