Starting in December of next year, MetLife will begin to rein its New York City operations into its namesake tower at 200 Park Avenue. The insurance giant just penned a 12-year lease for about 550,000 square-feet at the 58-story, class-A building.
This lease is a significant expansion from the 110,400 square-feet MetLife currently occupies. Barclays will be giving up a few floors in the tower as it signed the space initially leased until July 2017 back to owner Tishman Speyer.
The relocation means employees at the Three Bryant Park office will be migrating a few blocks over, well before their lease expiration in 2029. The tower at 1095 Avenue of Americas only just took the name Three Bryant Park in January when it was purchased by Ivanhoé Cambridge and Callahan Capital Properties. Lois Weiss of the New York Post notes that the space MetLife is leaving behind could be made available for sublease or bought out by the owners. MetLife is the largest tenant at the 1.17 million square-foot tower with 35.46% of the space (413,505 square-feet). The $1.125 billion loan is behind the COMM 2015-3BP single asset deal, which just closed in February.
MetLife also has a small amount of space leased in the 1.77 million square-foot office tower at 277 Park Ave, which backs a $750 million single asset deal, COMM 2014-277P. Offices in Long Island City will also be relocated to the MetLife Building between the end of 2016 and the first half of 2017.
Compliments of TREPP LLC – a member of the EACCNY.