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MetLife Unit Agrees To Sell Old Met Life Building

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NU Online News Service, Dec. 9, 2003, 1:24 p.m. EST – MetLife Inc., New York, says its Metropolitan Life Insurance Company unit has agreed to sell its interest in the old Metropolitan Life Insurance Company building at 11 Madison Ave., New York.[@@]

The sale of Metropolitan Life’s stake in the 29-story, 2.2-million-square-foot art deco building should lead to an after-tax gain of about $160 million, but the deal will have no material effect on MetLife’s operating earnings, MetLife says.

The old MetLife building, which is now the home of the New York headquarters of Credit Suisse First Boston L.L.C., was completed in 1932.

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MetLife has not disclosed the name of the buyer. The New York Post is reporting that the buyer is Tamir Sapir, the owner of a building at 2 Broadway, New York.

The building involved in the transaction is different from the 51-story Metropolitan Life tower at 1 Madison Ave. That historic skyscraper was the tallest building in the world from 1909 to 1913.