{"id":1004695582,"date":"2023-12-22T10:27:30","date_gmt":"2023-12-22T18:27:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004695582"},"modified":"2023-12-27T06:57:43","modified_gmt":"2023-12-27T14:57:43","slug":"metlife-extends-400-ksf-lease-at-manhattan-skyscraper","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/","title":{"rendered":"MetLife Extends 400 KSF Lease at Manhattan Skyscraper"},"content":{"rendered":"
\"The<\/a>

The MetLife Building remains one of the 100 tallest buildings in the U.S. Image courtesy of Tishman Speyer<\/em><\/p><\/div>\n

Co-owners Tishman Speyer<\/strong> and Irvine Co.<\/strong> have signed an 11-year lease extension with MetLife<\/strong> at 200 Park Avenue, a 3.1 million-square-foot office building in New York City. The insurance company will maintain its headquarters at its namesake Manhattan tower through 2038.<\/p>\n

MetLife has been leasing the entire third and sixth floors, as well as portions of the mezzanine, fourth and fifth floors since 2017. The space totals approximately 400,000 square feet.<\/p>\n

Cushman & Wakefield<\/strong>\u2019s 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\u2019s Megan Sheehan and Sam Brodsky.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Office Transactions<\/a><\/p>\n

\n

Also known as the MetLife Building, 200 Park Avenue is currently 96 percent leased to tenants<\/a> 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<\/a>.<\/p>\n

Tishman Speyer has also recently opened The Spiral, a 2.8 million-square-foot office skyscraper<\/a> 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.<\/p>\n

Manhattan’s imposing and popular building<\/h2>\n

Designed in the International style by Pietro Belluschi<\/strong>, Walter Gropius<\/strong> and Emery Roth & Sons<\/strong>, the 58-story tower was built in the 1960s as the headquarters of Pan American World Airways<\/strong>. MetLife acquired the building in 1980, and renamed it in 1993. In 2002, the property underwent a complete renovation.<\/p>\n

Tishman Speyer and Irvine Co. purchased the asset 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<\/strong> loan originated by Wells Fargo Bank<\/strong> and with Wilmington Trust<\/strong> as a trustee.<\/p>\n

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\u2019s direct connection to Grand Central Terminal was also strengthened.<\/p>\n

Tishman and Irvine nearly completed the reimagination of the building, transforming it into a LEED-Platinum-certified<\/a> 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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The insurance giant will maintain its headquarters at the namesake tower through 2038.<\/p>\n","protected":false},"author":3014,"featured_media":1004695583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[34908,33749,32779,32924,33224],"class_list":["post-1004695582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefeld","tag-irvine-company","tag-leed","tag-metlife","tag-tishman-speyer"],"acf":[],"yoast_head":"\nMetLife Extends 400 KSF Lease at Manhattan Skyscraper - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MetLife has signed an 11-year lease extension at 200 Park Avenue, a 3.1 million-square-foot office building in New York City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife Extends 400 KSF Lease at Manhattan Skyscraper\" \/>\n<meta property=\"og:description\" content=\"MetLife has signed an 11-year lease extension at 200 Park Avenue, a 3.1 million-square-foot office building in New York City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-22T18:27:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-27T14:57:43+00:00\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/METLIFE_04_Courtesy-Tishman-Speyer-e1703242840248.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/\",\"name\":\"MetLife Extends 400 KSF Lease at Manhattan Skyscraper - 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