The MetLife Constructing stays one of many 100 tallest buildings within the U.S. Picture courtesy of Tishman Speyer
Co-owners Tishman Speyer and Irvine Co. have signed an 11-year lease extension with MetLife at 200 Park Avenue, a 3.1 million-square-foot workplace constructing in New York Metropolis. MetLife will preserve its headquarters at its namesake Manhattan tower via 2038.
MetLife will proceed to occupy a complete of roughly 400,000 sq. ft. The insurance coverage firm has been leasing the complete third and sixth flooring, in addition to parts of the mezzanine, fourth and fifth flooring since 2017.
Cushman & Wakefield’s Government Vice Chairman Patrick Murphy and Co-Head and Vice Chairman Peyton Horn labored on behalf of MetLife within the deal, whereas the house owners have been represented in-house by Tishman Speyer’s Megan Sheehan and Sam Brodsky.
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Often known as the MetLife Constructing, 200 Park Avenue is at present 96 p.c leased to tenants equivalent to Barclays, Mitsui & Co., Lendlease Corp., Winston & Strawn, Dreyfus Corp., CBRE and Financial institution of America. Since 2020, the house owners signed over 800,000 sq. ft of latest leases, extensions and renewals.
Tishman Speyer has additionally not too long ago opened The Spiral, a 2.8 million-square-foot workplace skyscraper in Manhattan. AllianceBernstein dedicated to 189,000 sq. ft and Pfizer signed a 20-year lease settlement for 800,000 sq. ft on the 66-story tower at 66 Hudson Blvd.
Manhattan’s imposing and fashionable constructing
Designed within the Worldwide fashion by Pietro Belluschi, Walter Gropius and Emery Roth & Sons, the 58-story tower was constructed within the Sixties because the headquarters of Pan American World Airways. MetLife acquired the constructing in 1980, and renamed it in 1993. In 2002, the property underwent a whole renovation.
Tishman Speyer and Irvine Co. bought the property in 2005 for $1.7 billion, in keeping with CommercialEdge knowledge. After the sale, MetLife retained the title and signage rights. The identical supply exhibits that the constructing turned topic to a $1.4 billion CMBS mortgage originated by Wells Fargo Financial institution and with Wilmington Belief as a trustee.
After the acquisition, the co-owners began a multi-year revitalization plan which included the renovation of the two-level, 50,000-square-foot foyer, two new buyer lounges, a landscaped terrace, a health middle, occasion areas and artwork restoration. The constructing’s direct connection to Grand Central Terminal was additionally strengthened.
Tishman and Irvine almost accomplished the reimagination of the constructing, remodeling it right into a LEED-Platinum-certified property which meets the wants of the trendy workforce. Widespread-area facilities now embrace outside gardens, wellness areas, convention facilities, a number of eating places and a four-level parking storage.
The MetLife Constructing is positioned within the coronary heart of Midtown Manhattan, between the Grand Central Terminal and East forty fifth St. In its proximity, there are an abundance of bus traces, commuter trains through the Grand Central Terminal and quick connections to Penn Station. The property additionally supplies quick access to Instances Sq., the New York Public Library and Bryant Park.
