MetLife announced that a contract has been executed to sell its 200 Park Avenue property above Grand Central Station in Manhattan to Tishman Speyer for $1.72 billion.
The sale is expected to result in a gain in excess of $750 million, net of income taxes, and will have no material impact on operating earnings. It is anticipated that the sale will close in the second quarter of 2005, subject to customary closing conditions.
The building will continue to serve as the company’s corporate headquarters and the familiar “MetLife” sign atop the building will remain in place. After the sale is completed, MetLife plans to maintain a prominent presence in the building, which contains several company offices and MetLife’s boardroom.
“200 Park is an iconic and highly valuable asset and we are very pleased with the market reaction we received,” said Robert Merck, head of real estate investments for MetLife. “We look forward to continuing our significant presence in this property, which has served as a prominent asset in MetLife’s substantial real estate portfolio for more than two decades. Tishman Speyer is one of the leading owners and operators of trophy real estate in Manhattan and we look forward to working with a real estate firm of their caliber and reputation.”
MetLife, Inc., through its subsidiaries and affiliates, is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve individuals in approximately 13 million households in the U.S. and provide benefits to 37 million employees and family members through their plan sponsors. Outside the U.S., the MetLife companies serve approximately 9 million customers through direct insurance operations in Argentina, Brazil, Chile, China, Hong Kong, India, Indonesia, Mexico, South Korea, Taiwan and Uruguay.
Murdok | Breaking eBusiness News
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