MetLife, Inc. (NYSE:MET) announced today that it has provided $161.5
million in financing to a real estate investment fund that has acquired
Marathon Oil Tower in Houston.
MetLife’s real estate investment department closed the deal with CBRE
Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global
Investors. Marathon Oil Tower is a Class A, LEED Silver, 1.2 million
square foot office building in the Galleria submarket of Houston.
“We are continually expanding our portfolio in Texas, which is a key
market for us,” said Robert Merck, senior managing director and head of
real estate investments for MetLife. “We are excited to work with CBRE
Investors and include Marathon Oil Tower, a premier property, to our
ever-growing portfolio.”
MetLife originated, through its real estate investments department, more
than $9.6 billion in commercial mortgage loans in 2012. The company
continues to be one of the largest portfolio lender in the insurance
industry with $43.1 billion in commercial mortgages outstanding at year
end 2012. MetLife’s real estate portfolio includes investments in
office, apartment, retail, industrial and hotel properties. Mortgages
provide MetLife with investment opportunities that match the long-term
liabilities the company writes through its insurance products.
The transaction was led by Clint Culp and John Hall of the Dallas office
of MetLife Real Estate Investors.
About MetLife
Metropolitan Life Insurance Company (MetLife) is a subsidiary of
MetLife, Inc., a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. 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.
Copyright Business Wire 2013