MetLife Building Slated for $1.5B Refi at 6.25% Interest Rate

The continued heavy cost of capital in the commercial mortgage-backed securities (CMBS) office market is on display at one of New York City’s most iconic towers. 

The MetLife Building on 200 Park Avenue is slated for a $1.5 billion 10-year refinance, scheduled to price by Feb. 10 at a 6.25 percent interest rate. That represents a steep incline compared to its debt’s 3.6 percent interest rate a decade ago, when it was placed in the BAMLL 2015-200P CMBS deal, according to a presale report from KBRA. Bank of America (BAC) and Wells Fargo (WFC) are lead originators for the refinance in the IRV 2025-200P deal. 

Crain’s New York Business first reported the CMBS sale date and interest rate terms. 

Owner Irvine Company has invested roughly $215.9 million in renovations of the 58-story building since the last CMBS deal was issued in 2015, according to KBRA. 

The 3 million-square-foot office property was 98 percent leased with MetLife, Gibson, Dunn & Crutcher, Paul Hastings, Winston & Strawn and Golub Capital the largest tenants, according to KBRA. Winston & Strawn renewed its 237,815-square-foot lease in December 2024 to keep the international law firm’s New York City headquarters in the Midtown Manhattan building. 

Newport Beach, Calif.-based Irvine Company acquired the MetLife building for $1.7 billion in 2005 as part of a joint venture with Tishman Speyer. It bought out Tishman Speyer’s remaining stake in the property last June. 

The MetLife Building deal will continue a busy start to the CMBS markets in 2025 a month after Tishman Speyer’s $2.85 billion refi of The Spiral office tower in Manhattan’s Hudson Yards. 

Tishman was also involved with another large securitization in late 2024 with a $3.5 billion CMBS refi for its Rockefeller Center office complex, a move that generated strong investor demand. 

Officials at Irvine Company did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com