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MetLife Portfolio Attracting Keen Interest

NEW YORK-Some of the 14 class-A office properties being marketed by Cushman & Wakefield have garnered more than 20 offers, making Metropolitan Life Insurance Co.'s goal of selling off 10% of its real estate portfolio by year-end appear doable.

By John Rebchook | Updated on October 20, 2002

NEW YORK-Cushman & Wakefield is off to a good start marketing one of the largest office portfolios currently on the sale block. Metropolitan Life Insurance Co. has retained C&W to sell 14 class A office towers totaling 10 million sf–either singly or in groups, but not as one transaction–by the end of the year, a top Cushman & Wakefield executive tells GlobeSt.com. MetLife hopes to get $2 billion for the properties.

So far, business has been brisk. Cushman & Wakefield last week received more than 250 bids for buildings in New York City; Boston; Chicago; Denver; Meadowlands, NJ; Irvine, CA; Dallas and Houston. “Somebody told me we might receive over 200 offers, and I thought that sounded high,” says Peter Savoie, executive managing director of Cushman & Wakefield’s financial services group. “But when you think about it, if you get 12 or 15 offers for each building, you’re there. Some of these buildings are getting 20 or 25 offers. Others are getting eight to 10.”

While there has been strong interest in all of the properties, Savoie says interest in New York City, Boston, southern California and Chicago are exceptionally high.

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