The Real Deal Miami

MetLife scores $170M refi for Wells Fargo Center in downtown Miami

Office tower is currently 88 percent occupied
By Amanda Rabines | November 28, 2018 11:45AM

Wells Fargo Center at 333 Southeast Second Avenue

Metropolitan Life Insurance Co. just scored a $170 million refinance for its Wells Fargo Center in downtown Miami, property records show. The deal comes shortly after its $74 million purchase of a retail center in Wellington.

New York Life Insurance Company is the lender for the Wells Fargo office tower. The loan takes over a previous $144.4 million mortgage issued by Bank of America in 2015, and adds about $46.7 million to existing debt, records show.

The Wells Fargo Center at 333 Southeast Second Avenue adjoins the JW Marriott Marquis Hotel. The 47-story tower was completed in 2010 by a joint venture between the MDM Group and MetLife. A year later, MetLife took full ownership of the 752,845-square-foot office project.

Wells Fargo is the largest tenant with about 150,800-square-feet leased. Cushman and Wakefield’s Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza handle leasing.

Gale said the tower is currently 88 percent occupied to tenants including Western Union, Greenberg Traurig, Silversea Cruises and McDermott, Will & Emery. Annual asking rents range between $46 to $48 per square foot.

MetLife declined to comment.