Insignia/ESG Snares MetLife, French Building Contracts

NEW YORK CITY-Insignia/ESG has landed the role it was born to play. Next month, the firm will take over management and leasing of its headquarters property: the 2.8 million-sf MetLife Building, closing the books on one of the most coveted agencies of 2001.

While every major building manager in town champed at the bit for a chance to manage the Grand Central tower, Insignia’s prestige went on the line when the agency for its home base went up for grabs. Shorenstein Realty Services last month opted to give up the contracts for both the MetLife and Fred F. French Buildings, the latter a 425,000-sf MetLife-owned property at 551 Fifth Ave. Shorenstein had managed the properties for 10 years before deciding to get out of the business of handling third-party properties to focus on its owned real estate.

“We’ve been coveting this building for 10 years, that’s all,” quips Insignia chairman and CEO Stephen B. Siegel. “There were seven in the original bid list. We put in an enormous amount of man-hours on this, working out leasing, management, security, the renovation. It’s been a long, tough and somewhat nerve-wracking process because it was very important to us. We knew the competition was tough. There are some highly qualified firms out there.”