Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-MetLife’s selling spree here has ended. The insurer signed an agreement to acquire Sterling Equities’ 540,000-sf 575 Fifth Ave. for $385 million, sources tell GlobeSt.com.

CB Richard Ellis’ Darcy Stacom and Bill Shanahan were marketing the 40-story site that is home to office tenants including Sterling, L’Oreal USA and Barney’s New York. Ann Taylor, Starbucks and Cingular Wireless occupy some of the retail space.

When announcing its proposed $11.5-billion acquisition of Citigroup’s Traveler’s Life and Annuity at the beginning of the year, MetLife said it could finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. The company then gave CBRE the task of marketing 1 Madison Ave., while Cushman & Wakefield was selected to market 200 Park. Tishman Speyer Properties’ $1.72-billion acquisition of the landmark MetLife Building at 200 Park–the largest single building sale in the city’s history—just closed. SL Green inked a deal for the fee interest in 1 Madison Ave. for $918 million. One Madison is two contiguous buildings totaling 1.4 million sf occupying an entire city block between Madison Avenue and Park Avenue South between 23rd and 24th streets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.