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Marketing Blitz Begins for Wells Fargo Plaza

HOUSTON-After owning the trophy since the 1980s, MetLife is selling the 1.7-million-sf trophy. The prize is predicted to top the $275-per-sf going rate of its CBD peers.

By Amy Wolff Sorter | Updated on October 17, 2007

HOUSTON-With office buildings trading fast and furious, the latest real estate to hit the block is the 1.7-million-sf Wells Fargo Plaza, an un-priced offering with a $283-million tax assessment. In the CBD, comparable high rises have been trading for $275 per sf.

Owned by New York City-based Metropolitan Life Insurance Co. since the early 1980s, the seller is disposing of the asset at 1000 Louisiana St. in a time of high demand and low supply. “A scarcity of space in the CBD and underlying fundamentals of the Houston office market as well as the overall Houston economy are the main factors for the offering,” says Kent Peters, senior vice president for CB Richard Ellis in Houston.

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