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METLIFE TO REPLACE PAN AM BUILDING SIGNS

 METLIFE TO REPLACE PAN AM BUILDING SIGNS
 NEW YORK, Sept. 3 /PRNewswire/ -- Metropolitan Life Insurance


Company, owner of the Pan Am Building, today announced that it is replacing the Pan Am name atop the building with the name "MetLife."
 "Since Pan Am is no longer a tenant in the building and virtually out of business, it makes sense to replace the sign with a familiar name that symbolizes strength, stability and long-term commitment to New York City," said Robert G. Schwartz, MetLife chairman, president and chief executive officer.
 "We are very pleased that the city's skyline will be projecting MetLife's prestigious, familiar name -- one that has been associated with New York City since 1868," said New York City Deputy Mayor for Finance and Economic Development Barry Sullivan.
 The Pan Am building was purchased by MetLife in 1981 for $400 million. Since then, the property has undergone extensive renovations, including an $18 million renovation of the main lobby at 45th Street. Officially known as 200 Park Avenue, the 2.9 million- square-foot structure is the second largest privately owned office building in New York and one of the cornerstones of MetLife's real estate portfolio.
 "The name change and new signage reflect the vibrancy of the building and the Midtown District, as well as MetLife's commitment to New York City," said Harry P. Kamen, MetLife senior executive vice-president.
 Other prominent New York City office properties owned by MetLife include 85 Broad Street (Goldman Sachs' headquarters); the French Building at 551 Fifth Avenue; 45 Wall Street and 640 Fifth Avenue. In addition, the company's Stuyvesant Town and Peter Cooper Village complexes house more than 25,000 New Yorkers and total 110 buildings in all.
 MetLife, one of the world's largest insurance and financial services companies, was established in New York in 1868 and will continue to maintain its corporate headquarters at One Madison Avenue. Together with its affiliates, the company has more than $144 billion in assets under management and provides or administers coverage for more than 45 million people in the United States, Canada and other countries.
 -0- 9/3/92
 /CONTACT: Joe Madden, 212-578-8015, or Charles Sahner, 212-578-4132, both of Metropolitan Life Insurance Company/ CO: Metropolitan Life Insurance Company ST: New York IN: AIR SU:


TS-OS -- NY047 -- 6369 09/03/92 11:28 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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