Search
 

MetLife Will Retain Manhattan HQ, Expands to LIC

NEW YORK CITY-MetLife and city officials announced the company will keep 270,000 sf of the 1.4 million sf headquarters it established on Madison Avenue in 1909, but will also take 404,000 sf in Long Island City.

By Amy Vaughn | Updated on May 31, 2001

NEW YORK CITY-Insignia/ESG has negotiated a 404,000-sf lease with Brause Realty Inc. at Bridge Plaza in Long Island City, Queens for MetLife where 962 employees from the Manhattan headquarters will be relocated. MetLife announced with city officials yesterday, May 30, at City Hall that the company would also be retaining its Madison Avenue headquarters.

Stephen B. Siegel, Lewis Miller, Ken Meyerson and Richard Karson of Insignia/ESG negotiated the lease for the six-story structure at 27-01 Bridge Plaza. “In a nutshell,” says Miller, “the Long Island City site meets nearly all of MetLife’s requirements. The building is literally a 15-minute commute from the Manhattan headquarters. The gut-rehab, which is well underway, will provide a clean pallet for MetLife. The company will have operational control over the building. Because of its close proximity to Manhattan, the employee retention rate is expected to be higher than it would be had our client opted for the suburbs.”

Under the terms of an agreement reached between MetLife and the city, the company will relocate the 962 employees to Long island City, but continue to house its corporate headquarters and approximately 500 employees at 1 Madison Ave. It will also add 550 jobs over the next 20 years and in return receive $26.3 million (net present value) in discretionary tax and energy incentives over the same period. The state will also add $4.3 million in grants and loans for worker training and renovation costs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.