The sales price was not released by the Tishman camp, butMetLife in a statement confirmed that the massive complex went for$5.4 billion. The pending sale was the buzz of the late summer andpulled such names as Apollo, ING, Vornado and Related to thebidding process. As GlobeSt.com reported earlier today, the tenantsassociation was also a figure to be reckoned with in the process,with a $4.5-billion bid.
The sale, expected to close in Q4, will deliver to MetropolitanTower Life Insurance Co., the MetLife affiliate that actually heldthe keys, some $3 billion in net gains net of income tax.
In the MetLife statement, Robert Merck, head of real estateinvestments, reflected on the duration of the hold and the clamorto win the prize. "This property has been a prominent asset inMetLife's real estate portfolio for nearly six decades," he said."MetLife considered offers from many highly qualified bidders,including the PCVST Tenant's Association and some of the world'sleading real estate owners and operators."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
