A giant insurer is preparing to complete 2 big changes.[@@]
MetLife Inc., New York, has agreed to sell 1 Madison Avenue, and it has passed an important milestone on the path to closing on Travelers Life & Annuity.[@@]
SL Green Realty Corp., New York, a real estate investment trust, has agreed to pay MetLife $918 million for 1 Madison Avenue, the old Metropolitan Life Insurance Company Tower.
MetLife used the 50-story, 700-foot tower as its corporate headquarters from 1909 to 2004, and the building was the tallest building in the world from 1909 to 1913, according to EarlyOfficeMuseum.com.
Napoleon Brun & Sons, the architects, based the design of the building’s famous clock and bell tower on the clock and bell tower at St. Mark’s Church in Venice, Italy, according to NYC-architecture.com.
In 2004, MetLife moved its headquarters to the former Pan-Am Building, at 200 Park Ave., New York, and many of the employees who had worked at 1 Madison Avenue to new offices in Long Island City, N.Y., a company spokesman says.