Brause Realty welcomes MetLife to LIC's Bridge Plaza.

David Brause's heart told him in 1999 that his real estate firm's 90-year-old, 400,000 SF building in Long Island City was a gem in the rough, worth renovating on speculation because its size and location would attract a prime tenant.

He suspected -- given that telecom was hot and the building had the high ceilings, heavy floorloads and proximity to fiber that carriers need -- that a telecom company might want it for a carrier hotel, but he couldn't be certain. After all, the building's location -- on eight subway lines and one stop from Manhattan -- made it ideal for corporate offices at about a third to half of Manhattan's rent, and telecom had not established itself to rule out that it might be a passing fancy.

Brause Realty made two key decisions: to put the firm's reputation and dollars on the line for a massive retrofit, without lenders or tenants, and to make the retrofit comprehensive enough to attract and accommodate telecom tenants or office users.

Fast forward to the spring of 2001: Telecom had fallen out of favor, the capital markets turned a cold shoulder to further financing, and the entire industry contracted. With office supply in Manhattan still at a premium and traditional companies avoiding the tech-and-telecom rubble, Brause's vision was vindicated when MetLife, a credit-worthy Old Economy giant, leased the entire building at 27-01 Bridge Plaza North.

"At the time, in large part because of the marketplace, I truly believed it would be at least partially occupied by telecom tenants, but we always knew that a corporate office user was a possibility," said Brause, vice president of Brause Realty Inc. "I can't imagine a corporate user that wouldn't find our property desirable. We're on eight subway lines only one stop from Manhattan, and because we're in Long Island City and the city and state allow us to offer tremendous tax and other financial incentives, we can offer space at about half of what they're paying for comparable space in Manhattan.

"After completing such a massive renovation, we are thrilled that an ideal tenant such as MetLife has chosen our building as its new home," he added. "The fact is that in this day and age, all corporate users need what amounts to a tech center. Today's economy demands that corporate users be able to transmit and receive data quickly, and the building's location, right on a fiber grid, allows for that. Large corporate tenants need to be in a tech center, and that's exactly what this building is."

MetLife plans to relocate about 1,000 of its employees to the six-story Bridge Plaza Tech Centre, keeping about 500 at its corporate headquarters at One Madison Avenue. Another 300 employees will move from One Madison Avenue to other MetLife locations in the state, including existing offices in Manhattan and Happauge and a new office in White Plains.

"For 133 years, New York City has been our home and we are pleased to keep a significant presence in New York," said Robert H. Benmosche, chairman and CEO of MetLife, which, through its subsidiaries and affiliates, is a leading provider of insurance and financial services to individual and group customers.

Mayor Rudolph W. Giuliani said: "MetLife has had a major presence in Manhattan since 1868 and established its headquarters at One Madison Avenue in 1909. I am pleased that the city was able to help MetLife maintain its headquarters in Manhattan, while bringing its tradition of leadership, security and growth to Long Island City. The move also reflects the transformation now underway in Long Island City, as many businesses recognize the neighborhood's proximity to Manhattan, and the exciting opportunities for commercial and residential development."

MetLife's occupancy is further testimony to the building's ability to reinvent itself, having housed over the years tenants that manufactured horse-drawn carriages, Rolls Royce automobiles, fighter planes, and clothing.

Unlike most Manhattan properties, Brause's building even offers MetLife the ability to expand should it become necessary. Because the building is L-shaped, it can accommodate an additional 160,000 SF to 300,000 SF by enlarging the floor plate.

To bring the building to 21st Century desirability, Brause Realty, which has owned the building since 1980, performed a multi-million dollar upgrade.