MetLife Grows Again at Namesake Manhattan Building
MetLife may no longer own its namesake building in Midtown Manhattan, but its infatuation with the property remains as strong as ever.
The insurance firm signed a 10-year lease expansion at 200 Park Avenue — the MetLife Building — spanning nearly 48,000 square feet, according to the Commercial Observer. The expansion was initially disclosed by CBRE.
The expansion brings MetLife’s footprint at the Irvine Company property to approximately 500,000 square feet in total. An asking rent wasn’t disclosed, but the average office asking rent in the neighborhood last month was $86.49 per square foot, according to CBRE.
MetLife renewed roughly 400,000 square feet in the building in 2023, but expanded at least once in the interim.
JLL’s Patrick Murphy represented the tenant, while a CBRE group including Mary Ann Tighe, Howard Fiddle and Peter Turchin represented Irvine.
Earlier this year, the Carlyle Group picked up 52,000 square feet at the building, where it shares part of the fourth floor with MetLife.
Last year, Irvine refinanced the MetLife Building with a $1.5 billion loan at a 6.25 percent interest rate. The interest rate was significantly higher than the previous 3.6 percent and will double debt-servicing costs to $100 million per year.
At the time, the building was 94 percent occupied and generating $170 million in net operating income; Irvine and its former partner, Tishman Speyer, invested $180 million in the property since 2019; Irvine and Tishman acquired the building in 2005 from MetLife for $1.7 billion.
Manhattan’s overall average asking rent reached $79.47 per square foot in October, matching pre-pandemic March 2020 levels and rising 5.7 percent year-over-year, according to Colliers.
Leasing volume surged to 4.54 million square feet in October — a 54.1 percent monthly increase — keeping 2026 on track for its strongest leasing year since 2000.
Read more
Carlyle expands Midtown footprint with 202K sf across Park Avenue towers
Irvine Co. closing in on $1.5B refi of MetLife Building
Manhattan office rents turn pre-pandemic corner
