According to a published report, MetLife is negotiating to lease all of 570 Broad St., the former First Fidelity Bank headquarters that became surplus after FFB was taken over by First Union Bank. The deal could be complicated.
For openers, 570 Broad St. is owned by Investment Properties Association, which has the Helmsley organization as a major partner. Now that this city has some cachet, IPA has put it on the market for a reported $11 million, and Florham Park, NJ-based Gale & Wentworth is said to be the leading candidate to take it. G&W reportedly wants to buy the building, and then turn around and lease all of it to MetLife.
For MetLife, meanwhile, the scramble is on with Nov. 1 only seven months away. The company is reported to be looking at options in Bridgewater, NJ, where it already has a 2,000-employee campus, as well as in Connecticut.
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