MetLife selling $2B in property.MetLife is selling off $2 billion worth of office buildings and hotel properties nationwide. Included in the sale is 551 Fifth Ave., the 426,000-SF Midtown office building known as the Fred F. French building The Fred F. French Building is a 38-story skyscraper on the northeast corner of 45th Street at 551 Fifth Avenue, Manhattan, New York City, It was erected in 1927 with a striking art deco facade contributing significantly to the international reputation of Fifth Avenue . This property--only 4%--is valued at roughly $400/SF, or $170 million according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. institutional sales newsletter Real Estate Alert. This is the only New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office property that they are selling. MetLife bought the building in 1985, whereupon it refurbished both the lobby and the building's mechanical systems. The circa 1927 building was designated a national landmark A National landmark is a site identified by a national authority as one possessing nationally–significant natural, historic, or scientific resources. Typically, it identifies an isolated site and not a landscape or complex of sites better suited to management as a national one year after MetLife's acquisition. Last December, MetLife chose Insignia/ESG to manage the building and handle its retail and office leasing. Other properties for sale are located in Chicago, Houston, Dallas, New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , Miami, New Jersey and Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. . Cushman & Wakefield will market the properties. The firm is not ready to discuss the assignment, said a company spokesman. Real Estate Alert reported last week that MetLife's offering sparked fierce competition between rival brokerages, with GB Richard Ellis There are several prominent people named Richard Ellis, including
"We have a good relationship with Cushman & Wakefield, but we talked to other people," said Brian Fox, a MetLife spokesman. MetLife retained the Plasencia Group to market the hotel properties, said Fox. "This action doesn't represent any fundamental change in business strategy. We try to periodically capture unrealized gains and invest them in new real estate assets. We view this as an opportunistic play to reap the benefits of current market conditions," said Fox, who sees a lot of private and institutional capital chasing real estate investments right now. MetLife is reportedly seeking to capture profits at a moment when prices are high in many markets. It may then transfer the proceeds back into other real estate investments. |
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