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.