CBRE Keeping Its 180K SF at MetLife Building for Another 13 Years
By Mark Hallum July 11, 2024 10:48 am
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CBRE (CBRE) is extending its own lease at the MetLife Building, where it has rented 180,000 square feet for the past 36 years.
The brokerage renewed its lease until 2037 in the Irvine Company’s building at 200 Park Avenue, which has undergone a $200 million renovation with a focus on hospitality, according to CBRE. The New York Post first reported the deal.
CBRE did not disclose the asking rent in the Park Avenue building, but the average asking rent in Midtown East in the second quarter of 2024 was $80.25 per square foot, according to a report from Avison Young.
And aside from re-upping its lease, CBRE will also work to bring new tenants in the 59-story tower as it will take over for Tishman Speyer as manager.
“Irvine Company’s selection of our firm to oversee this highly valuable asset is a testament to CBRE’s leadership position in the world’s largest office market,” Matt Van Buren, CBRE’s president of advisory services for the tri-state area, said in a statement.
Tishman bought the MetLife Building in 2005 for $1.7 billion and in 2014 Irvine took an ownership stake in the property, according to the Post.
“At the conclusion of the redevelopment, our joint venture partner, the Irvine Company, informed us they will be exercising their contractual right to buy our remaining equity and take control of the property as per our 2014 joint venture agreement,” a Tishman Speyer spokesperson said in a statement.
CBRE did not disclose who represented either side of the deal. CBRE will also use space in the lobby of 200 Park as a meeting area for employees and clients visiting the building.
Other recent deals in the building include MetLife, which signed an 11-year extension for its 400,000-square-foot headquarters spanning three floors in December 2023, as well as insurance broker NFP, which signed a 30,000-square-foot lease on the 32nd floor in August 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
