Inman News Features

- April 25, 2001 - MetLife, Inc. has closed leases for nearly 135,000 square feet of space at The MetLife Building, located at 200 Park Avenue in New York City. Between the new leases and Insignia/ESG's 120,000-square-foot-renewal, the 58-story tower is now 100 percent leased.

In the largest transaction, Insignia/ESG, a subsidiary of Insignia Financial Group and one of New York's largest commercial real estate brokerage companies, renewed its lease for 120,000 square feet of prime office space four years early. Stephen B. Siegel, Insignia/ESG's chairman and CEO, and Joseph Harbert, COO of the New York region, represented the company in negotiations for the new 10-year lease.

In the second transaction, Salomon Smith Barney expanded its existing location by 9,622 square feet, giving it a new total of 41,000 square feet. John G. Nugent of CB Richard Ellis, Inc., represented Solomon.

In the third lease, Fleet National Bank signed for 2,559 square feet of retail space on the lobby's street level. David LaPierre and David Green of Insignia/ESG represented Fleet.

Insignia's early renewal indicates it expects market conditions for top-tier properties to remain strong and the availability of large blocks of space to be tight for the foreseeable future. Keith J. Caggiano, senior associate of Shorenstein Realty Services, and Jon D. Zuckerman, Shorenstein's regional leasing director, represented MetLife all three transactions.

Insignia/ESG is a subsidiary of Insignia Financial Group, Inc. (NYSE: IFS).

Metropolitan Life Insurance Company, a subsidiary of MetLife, Inc. (NYSE: MET), provides insurance and other financial services to 9 million households in the United States and companies and institutions with 33 million employees and members.

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