A giant New York insurer has announced its second mammoth real estate deal in less than a week.[@@]
The insurer, MetLife Inc., has agreed to sell the MetLife Building, formerly known as the Pan Am Building, to Tishman Speyer Properties L.P., New York, for $1.72 billion.
The sale of the 59-story, 2.8 million-square-foot building, which rises above Grand Central Station at 200 Park Ave., Manhattan, should bring MetLife a net gain of about $750 million but will have no material effect on operating income, MetLife says.
MetLife hopes to complete the sale by June 30.
MetLife will continue to lease space for its boardroom and several other company offices in the building and will keep the “MetLife” sign on top of the building, MetLife says.