Report: Big deals show Houston property market could be heating up

Houston property market heating upThe owner of Houston's second-tallest office building – MetLife – is putting a half-stake in Wells Fargo Plaza up for sale, according to a report in the Wall Street Journal.

MetLife's real estate investments boss Robert Merck told the newspaper that market conditions for Houston property had improved to the point where it felt comfortable taking this step.

"We feel this is an opportune time to test the market given the abundance of capital looking for core assets in top markets like Houston," he said.

The Journal reported that partial sales are a popular way to move property right now, since prestigious properties have been commanding higher and higher prices in recent months.

The tower is leased primarily to troubled energy firm Dynergy, which has recently rolled back the proportion of the building it occupies, the newspaper said.

The Wells Fargo Plaza deal may be a harbinger of growing activity in Houston's commercial real estate market, according to experts. This could push prices higher and provide a spur to more general movement in area property.


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