MetLife is selling its 200 Park Avenue property in Midtown Manhattan, also known as the MetLife Building, to Tishman Speyer for $1.72 billion.Tishman Speyer expects to own the property through a joint venture with two pension funds, the NYC Employees Retirement System and Teachers' Retirement System, according to published reports, with Lehman Brothers providing additional debt financing. The building will continue to serve as the insurance company's headquarters, and MetLife said its logo will remain in place. MetLife acquired the property in 1981 and expects an after-tax gain of over $750 million from the sale.
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