MetLife Sells Stake in Houston Office Building

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NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYSE: MET) announced today that it has completed the sale of a 50% interest in Wells Fargo Plaza to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50% interest.

“Selling a partial interest in Wells Fargo Plaza is an excellent opportunity for MetLife to diversify its portfolio while still holding a stake in this top tier property in a strong market,” said Robert Merck, senior managing director and head of real estate investments for MetLife. “This transaction allows us to leverage our strong asset management platform and expands on the success we’ve had in positioning Wells Fargo Plaza as a best-in-class property. We are pleased to partner with such a reputable institutional investor as New York State Common Retirement Fund who shares our focus on risk management and our commitment to long-term investing in high-quality assets.”

Wells Fargo Plaza is a 71-story, approximately 1.7 million square foot, Class AA office tower located at 1000 Louisiana Street in Houston’s Central Business District. The building is currently 96% leased to 37 tenants in the energy, legal and finance industries. MetLife has been an owner of the property since its development in 1983. Senior Managing Director Robert Williamson and Executive Managing Directors Scott Galloway and Mark Gibson of Holliday Fenoglio Fowler, L.P. represented MetLife in the transaction and secured financing for the newly-formed joint venture. Clarion Partners advised the Common Retirement Fund on this transaction.

The New York State Common Retirement Fund exists to finance benefits for more than one million active and retired state and local government employees, police officers, and firefighters. With approximately $146.9 billion of assets under management, it is the third largest public pension plan in the U.S.

Through its real estate investments department, MetLife oversees a well diversified real estate portfolio of over $60 billion*, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. 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.

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.

* As of 9/30/2011

MetLife, Inc.Emily Phillips, (212) 578-7217

Source: MetLife, Inc.

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