METLIFE PROVIDES $235 MILLION IN FINANCING FOR HOUSTON OFFICE BUILDING
New York, August 22, 2013
MetLife, Inc. (NYSE: MET) announced today, that through its real estate investments department, it has closed a $235 million loan secured by BG Group Place, for a partnership advised by Invesco Real Estate.
The newly-constructed BG Group Place is a 973,861 square foot high-rise office building in downtown Houston, Texas that is LEED Platinum certified.
"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. "We are confident that BG Group Place will prove to be a beneficial component of our Texas 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 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.
The transaction was led by Chad McKenney and John Hall from MetLife's Dallas regional office.
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.
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