Tishman Speyer buys Metlife Building (US)

Tishman Speyer is buying the Metlife Building on 200 Park Avenue (NY) for a record amount of over US$1.7 bln. Earlier this year MetLife announced its intention to sell the prestigious office building which is situated near the Grand Central Terminal in Midtown Manhattan as well as the building on 1 Madison Avenue in order to finance the take-over of Traveller’s Life & Annuity of the Citigroup, a take-over of US$ 11.5 bln.

CB Richard Ellis and Cushman & Wakefield were invited to look for candidates for respectively 1 Madison Avenue and 200 Park Avenue. The yield of both buildings were estimated at US$2.5 bln. earlier this year.

The MetLife Buidlings was delivered in 1963 and comprises 200,000 m² of floor space. The first tenant was PanAm, who rented half of the building for decades. According to sources of Vastgoedmarkt, the investment in 1963 was US$96 mln. At this moment Dreyfus is the most important tenant who last year renewed its rental contract. Other tenants are Barclays Bank, Mitsui and CB Richard Ellis. The building also has some retail tenants like Café Centro, Bank of America, Godiva and New York Sports Club.

Source: Vastgoedmarkt

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