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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.

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