Galleria Dallas
MetLife Insurance has taken ownership of the Galleria Dallas and the Westin Galleria Hotel.
Global investor UBS Realty Investors previously owned the 40-year-old mall since 2002 and paid a price tag of about $300 million for the mall and $95 million for the Westin.
MetLife is the shopping mall’s lender, and UBS Realty reached an agreement to transfer ownership. The transfer, however, doesn’t include the attached office buildings.
There’s more than $315 million in loans MetLife has on the Galleria as recently as 2014, according to the company’s website.
Under the new ownership, the Galleria could also see more apartments and hotel space being added as part of potential redevelopment plans from Trademark Property Co., according to Dallas News.
“The shopping experience the consumer is looking for has continued to evolve,” CEO of The Retail Connection Steve Lieberman told the paper. “That requires a reconfiguration for these large mall properties.”
In the midst of these changes, the mall remains a holiday destination for shoppers and those looking to skate at an indoor ice skating rink.
