A unit of Metropolitan Life Insurance took over the deed to Galleria Dallas and the 400-plus-room Westin Galleria Dallas hotel shortly before Christmas.
The three-level mall has been owned by a partnership represented by UBS Realty Investors since 2002, local media reported and bought the hotel in 2005. UBS paid about $300 million for the mall and spent about $95 million to buy the Westin hotel, the Dallas Morning News reported, and the mall and hotel were most recently valued at just over $200 million.
“Galleria Dallas and Westin Galleria Hotel are high-quality assets that are well-positioned in the Dallas market,” MetLife Investment Management Head of Communications Dave Franecki said. “While we cannot comment on the specifics of this transaction, MetLife Investment Management has a proven track record in institutional real estate and a dedicated team in the Dallas area.”
The Morning News reported MetLife held over $315 million in loans on the Galleria dating back to 2014.
Despite social media rumors that began flying after news of the new ownership became public, Galleria Dallas General Manager Angie Freed issued a statement confirming the mall wasn’t closing.
“Galleria Dallas is not closing,” Freed said. “While the addition of multi-residential development to Galleria Dallas has been considered as one component of a potential long-term redevelopment project, the mall, along with its retail, dining, and experiential entertainment features, is and will be the core of this Dallas destination.”