The MetLife Building remains one of the 100 tallest buildings in the U.S. Image 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 office building in New York City. MetLife will maintain its headquarters at its namesake Manhattan tower through 2038.
MetLife will continue to occupy a total of approximately 400,000 square feet. The insurance company has been leasing the entire third and sixth floors, as well as portions of the mezzanine, fourth and fifth floors since 2017.
Cushman & Wakefield’s Executive Vice Chairman Patrick Murphy and Co-Head and Vice Chairman Peyton Horn worked on behalf of MetLife in the deal, while the owners were represented in-house by Tishman Speyer’s Megan Sheehan and Sam Brodsky.
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Also known as the MetLife Building, 200 Park Avenue is currently 96 percent leased to tenants such as Barclays, Mitsui & Co., Lendlease Corp., Winston & Strawn, Dreyfus Corp., CBRE and Bank of America. Since 2020, the owners signed over 800,000 square feet of new leases, extensions and renewals.
Tishman Speyer has also recently opened The Spiral, a 2.8 million-square-foot office skyscraper in Manhattan. AllianceBernstein committed to 189,000 square feet and Pfizer signed a 20-year lease agreement for 800,000 square feet at the 66-story tower at 66 Hudson Blvd.
Manhattan’s imposing and popular building
Designed in the International style by Pietro Belluschi, Walter Gropius and Emery Roth & Sons, the 58-story tower was built in the 1960s as the headquarters of Pan American World Airways. MetLife acquired the building in 1980, and renamed it in 1993. In 2002, the property underwent a complete renovation.
Tishman Speyer and Irvine Co. purchased the property in 2005 for $1.7 billion, according to CommercialEdge data. After the sale, MetLife retained the name and signage rights. The same source shows that the building became subject to a $1.4 billion CMBS loan originated by Wells Fargo Bank and with Wilmington Trust as a trustee.
After the acquisition, the co-owners started a multi-year revitalization plan which included the renovation of the two-level, 50,000-square-foot lobby, two new customer lounges, a landscaped terrace, a fitness center, event spaces and art restoration. The building’s direct connection to Grand Central Terminal was also strengthened.
Tishman and Irvine nearly completed the reimagination of the building, transforming it into a LEED-Platinum-certified property which meets the needs of the modern workforce. Common-area amenities now include outdoor gardens, wellness spaces, conference centers, several restaurants and a four-level parking garage.
The MetLife Building is located in the heart of Midtown Manhattan, between the Grand Central Terminal and East 45th St. In its proximity, there are an abundance of bus lines, commuter trains via the Grand Central Terminal and short connections to Penn Station. The property also provides easy access to Times Square, the New York Public Library and Bryant Park.
