MetLife Provides $161.5M in Financing for Houston Office Tower; Noble Energy Center One Changes Hands
- Nov 26, 2013
MetLife Inc. has provided $161.5 million in financing to CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors that has acquired Marathon Oil Tower in Houston.
“We are continually expanding our portfolio in Texas, which is a key market for us,” said Robert Merck, senior managing director & head of real estate investments for MetLife, in a written statement. “We are excited to work with CBRE Investors and include Marathon Oil Tower, a premier property, in our ever-growing portfolio.”
Located in the Tanglewood / San Felipe submarket of the Galleria shopping and business district, the 41-story landmark tower features 1.2 million square feet of premier office space. Amenities include on-site property management, 24-hour security, full-service on-site dining facilities, 24,000 square feet of conference facilities and an attached card-accessed parking garage containing three levels below ground and 10 stories above ground. The Class A-plus property has obtained LEED Silver certification from the U.S. Green Building Council.
In other investment news, Cole Corporate Income Trust Inc. acquired Noble Energy Center One, a 10-story, Class A office building in Northwest Houston, from a joint venture between Trammell Crow Co. and Principal Real Estate Investors. Terms of the deal have not been disclosed.
Sitting on a 3.5-acre tract at Louetta Road and State Highway 249, the 497,000-square-foot tower features exclusive amenities, including a café, dining area and coffee bar; a fitness center; outdoor dining and meeting areas; and a state-of-the-art conference center.
The property underwent a major renovation, earlier reported by Commercial Property Executive, which included modifications to lobbies, elevators, landscaping, common areas, signage and other aspects of the building and parking garage. The project has achieved LEED Gold certification.
In January 2012, Noble Energy inked a long-term agreement to establish its global corporate headquarters in the building. The Noble Energy campus is expected to office more than 1,600 employees by 2015.
Photo credits: Marathon Oil Tower