NEW YORK CITY-Tishman Speyer Properties’ $1.72-billion acquisition of the landmark MetLife Building–the largest single building sale in the city’s history–has closed. TSP purchased the 2.8-million-sf property, which connects to Grand Central Terminal, from MetLife. The acquisition was announced in April.

Tishman Speyer’s property portfolio also includes the Chrysler Building, the New York Times building and Rockefeller Center. Cushman & Wakefield exclusively represented MetLife in the transaction, which was managed by Stephen Jones, executive managing director, in conjunction with the New York Capital Markets Group team of executive directors Richard Baxter, Scott Latham, Jon Caplan and Ron Cohen.

“The offering attracted interest from a significant number of prominent and well-financed investors,” Latham says. The campaign for the MetLife building, from engagement to closing, was accomplished in less than 12 weeks.

The property is owned by a joint venture between TSP, the New York City Employees’ Retirement System and the Teachers’ Retirement System with additional financing provided by Lehman Brothers. MetLife will maintain offices in the building and will also retain signage rights for the property.

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