Press Release
Shell Signs 10-Year Renewal at One Shell Square, New Orleans
20/07/2006
Shell occupies approx. 656,000 square feet of the building
MetLife Real Estate Investments and Shell are pleased to announce the renewal of the Shell Oil Company lease at One Shell Square in New Orleans, Louisiana. Shell occupies approx. 656,000 square feet of the building and has renewed their lease for a 10-year term. Specific terms of the lease were not disclosed.
Shell, a tenant at One Shell Square since the building was constructed in the early 1970’s, is one of the largest employers in the Central Business District of New Orleans. “Shell has shown its commitment to New Orleans through its many humanitarian efforts in the aftermath of Hurricane Katrina,” said Kurt Day, Director of MetLife’s Dallas Regional Office. “The execution of this lease renewal further demonstrates Shell’s extraordinary commitment to the region.”
Frank Glaviano, Vice President – Producing Operations, for Shell Exploration & Production, Americas Region, stated, “We will continue to maintain a visible presence in New Orleans as long as the Gulf of Mexico is an important exploration and production province. We hope this will be a positive signal to businesses of all size who are here or thinking about a presence in New Orleans.”
Keith Probyn with Shell Real Estate represented Shell in the negotiations along with Tim Relyea and Joe Peddie of Cushman & Wakefield. Nancye Abbott, together with Kurt Day, of MetLife’s Dallas Regional Office, and Elliot Prieur of Lincoln Property Company handled the negotiations for MetLife.
About Shell Oil Company
Shell Oil Company is an affiliate of the Royal Dutch Shell plc., a global energy and petrochemical company, employing approximately 22,000 employees in the U.S. All the major Shell businesses have a presence in Louisiana. The business entities are Shell Exploration & Production Company (New Orleans based staff primarily associated with offshore Gulf of Mexico producing operations, project development and drilling), Motiva Enterprises, LLC, a refining and retail marketing joint venture (including 2 refineries in South Louisiana), Shell Chemical (2 chemical plants in South Louisiana) and Shell Pipeline Company. Shell and Motiva have nearly 4,000 employees in Louisiana.
About MetLife Real Estate Investments
MetLife Real Estate Investments is one of the largest real estate investment managers in the nation. MetLife has a strong, stable, well-diversified real estate investment portfolio, which has a market value of approximately $35 billion and consists primarily of real estate equities and commercial mortgages. MetLife is a global leader in real estate investment and asset management services, with a vast network of regional offices that keep in close contact with the major real estate markets. MetLife’s investment focus includes office, retail, industrial, hotels, multi-family and senior-housing properties, both on a direct acquisition and a joint-venture basis. For more information, please visit www.metlife.com/realestate.com - opens in new window
About MetLife
MetLife, Inc. (NYSE: MET) is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Through its subsidiaries and affiliates, MetLife, Inc. offers life insurance, annuities, automobile and homeowner's insurance and retail banking services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions. Outside the U.S., the MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe. For more information, please visit www.metlife.com - opens in new window.