By Dan Orlando
Insurance giant MetLife announced that it will consolidate its offices in 550,000 s/f of office space at 200 Park Avenue.
The company has signed a 12-year lease with 200 Park owner Tishman Speyer to expand it’s current 120,000 s/f lease at the tower to bring staff from all four of its current New York City offices under one roof.
Cushman and Wakefield’s Bruce Mosler and John Cefaly brokered the leader for MetLife. Tishman Speyer declined to comment on the transaction.
“MetLife is pleased to announce that it will make the MetLife Building at 200 Park Avenue its sole New York City employee location,” said a company spokesperson, noting that the $57 billion company desired to “increase its footprint” at the location it once owned.
The insurance company sold 200 Park to Tishman Speyer in 2005 for what was then a record $1.72 billion as part of a strategy to fund its purchase of Citigroup’s life insurance business.
MetLife employees from Three Bryant Park, 277 Park Ave, and an office in Long Island City will be funneled into the 58-story 200 Park tower starting next December, according to the company. The transition is expected to be completed by the halfway point of 2017.
“The MetLife Building at 200 Park Avenue is an iconic landmark in New York City, and our MetLife sign is a world-renowned part of the skyline,” the spokesperson added.
MetLife will take a portion space previously occupied by Barclays PLC, which began downsizing its operations in 2013.
According to the New York Post, JLL’s Michael Berg, Kenneth Siegel and Peter Riguardi negotiated a deal on behalf of Barclays to return 335,000 s/f of space at 200 Park to Tishman Speyer .
Metlife’s current lease at Three Bryant Park — otherwise known as 1095 Sixth Ave — comprises 355,000 s/f and was available for option through 2029.
It is unclear whether the insurance company will sublet the space or allow the building’s new owners, Ivanhoé Cambridge and Callahan Capital Properties to buy them out.
