posted on July 07, 2011 22:25
ING Clarion , on behalf of New York Common Fund, will acquire a 50-percent stake in Houston's Wells Fargo Plaza for $255 million.
MetLife , represented by Holliday Fenoglio Fowler LP , which owned the building, will retain the other 50-percent stake in 71-story tower, which is 95 percent leased, according to Real Estate Alert.
The $300 per-square-foot valuation on the 1.7 million-square-foot tower was $15 higher than market expectations, the report said.
An even higher-priced deal was also recently recorded. American Realty agreed last month to buy the 303,000-square-foot Energy Center II for approximately $302 per-square-foot, or $92 million. Trammell Crow Co. and Principal Global Investors are selling the property, with the help of CB Richard Ellis Inc.
Wells Fargo Plaza is one of several downtown buildings listed for sale that are generating substantial investor interest as a result of Houston’s job growth and projected economic performance.
6/13/11, Jennifer Dawson, Houston Business Journal