Insignia to manage MetLife building.
Insignia/ESG beat out Jones Lang LaSalle, Cushman & Wakefield, Newmark and CB Richard Ellis for the assignment. Insurance company MetLife owns both buildings.
Their new management/leasing role will begin Jan. 1, 2002.
"Winning the assignment to lease and manage these two magnificent New York City icons is a tremendous honor for our company," said Stephen Siegel, chairman and CEO of Insignia/ESG.
Insignia/ESG has rented space in the MetLife building since 1988.
Back in October, Shorenstein Realty Services ceased to manage the MetLife Building. The decision was reportedly made as Shorenstein dissolves their third-party management business.
MetLife bought the building in 1981 for $400 million. Ten years later they hired Shorenstein, a West Coast based realty firm, to handle management and leasing for the building.
200 Park Ave. is a 58-story building built on top of Grand Central Terminal. It boasts 2.8 million SF with a tenant pool that includes MetLife, Dreyfus, MCI and Rogers & Wells.
551 Fifth Ave., built in 1927, is a 38-story building with 408,414 SF. Much of its space is rented out by law firms.
Since leasing, rather than management, is such a lucrative arena to handle for a building of this size, competition was reportedly very intense. This raised the question of why Shorenstein would quit such a plum assignment.
"As for why Shorenstein left, it could be that they did so voluntarily. Or maybe MetLife decided to open it up," said Peter Pattison, a real estate consultant.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Dec 12, 2001|
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