Credit Suisse agrees to lease office space from MetLife.MetLife Inc. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. recently announced that they have reached an agreement in principle for CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank to lease approximately 1.4 million SF of office space in MetLife's One Madison Ave. corporate headquarters building. The terms of the agreement were not disclosed. CSFB already occupies the MetLife-owned 11 Madison Ave., the building next to MetLife's headquarters, and has recently acquired additional space at 315 Park Ave. S Ave. abbr. avenue Ave. avenue Ave. abbr (= avenue) → Av., Avda . These three locations will provide CSFB with a centrally located corporate campus in the Madison Square Madison Square is a neighborhood on the East Side of the New York City borough of Manhattan, centered on a 6.8 acre (2.75 Hectare) public park in the New York City borough of Manhattan, named for James Madison, fourth President of the United States and co-author of the United Park area of the City. MetLife currently has approximately 2,200 employees at One Madison Ave., which consists of a 12-floor main building and a 41-floor tower. MetLife will lease all of One Madison Ave. to CSFB and lease back 260,000 SF of the building, which will include the 10th through 41st floors of the tower and the 11th floor of the main building. One Madison Ave. will remain MetLife's corporate headquarters and about 500 MetLife employees will stay in the building. MetLife is utilizing existing MetLife locations, as well as exploring new locations, to relocate the remainder of the affected MetLife employees. "The robust real estate market in Manhattan has created exceptional opportunities for commercial property owners, including MetLife," said MetLife chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert H. Benmosche. "Several months ago Barclays Banks signed a significant lease for space at MetLife's 200 Park Ave. building. Now Credit Suisse First Boston has asked to lease space at One Madison Ave. Taking advantage of these opportunities will bring a boost to our bottom line results over the long term." Allen D. Wheat, CEO of Credit Suisse First Boston (CSFB) said, "We are very pleased to be acquiring this fantastic space in the Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town South area at One Madison Ave. Along with our locations at 11 Madison Ave. and 315 Park Ave. S. this space will create a corporate campus for CSFB that will benefit our employees and clients for years to come. CSFB will begin leasing space in One Madison Ave. in March 2001 and will occupy the remainder of its space in the building by October 2003. CSFB Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. advised CSFB on this transaction. Insignia/ESG advised MetLife. |
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