Late last year, the two properties were the focus of intense speculation regarding new management after Shorenstein decided to drop the account. Management firms reportedly vying for the assignment included Jones Lang LaSalle, Cushman & Wakefield, Newmark, and CB Richard Ellis, in addition to Insignia.
Hired by Insignia as a senior managing director, Zuckerman brings 21 years of real estate experience to the firm, most recently serving as regional leasing director/senior vice president of the Shorenstein Co. Caggiano, brought in as a director, began his career at Jones Lang LaSalle and moved to Shorenstein with Zuckerman.
Built in 1963, the 808-foot MetLife tower, 200 Park Ave., sits atop Grand Central Terminal. Formerly known as the Pan Am building and sold to its current owner in 1981 for $400 million, the 58-story building is fully leased with no significant rollovers expected until 2005. Major tenants include MCI, MetLife, Insignia/ESG, Dreyfus and Rogers & Wells. Its current estimated value is $578 million, according to city records.
The Fred F. French, 551 Fifth Ave., building was completed in 1926. Office tenants there include Squadron Ellenoff, Cohen Pontani and American Building Maintenance. Retail tenants include Morton's restaurant and New York Look. The structure rises 38-stories, covers 425,000-square feet has an estimated worth of $44.5 million.
Shorenstein Realty Services had managed both properties for 10 years and opted to give up the contracts in November 2001, citing a desire to cease handling third-party properties and focus on its owned real estate. Insignia/ESG took over both locations Jan 1.
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