MetLife Puts 200 Park on the Market

NEW YORK CITY-When announcing its proposed $11.5-billion acquisition of Citigroup’s Traveler’s Life and Annuity last month, MetLife said it could finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. One of those assets it is exploring the option of selling is its headquarters site here at 200 Park Ave. and 1 Madison Ave.

According to sources, the duo could fetch in the neighborhood of $2.5 billion. Cushman & Wakefield is marketing the landmark Grand Central Station-area site, while CB Richard Ellis is marketing 1 Madison. Neither firm could comment on the hiring. A MetLife spokesperson says the company is “gauging interest” and notes the company does not have to sell the properties to complete the Traveler’s deal, which would make MetLife the largest individual life insurer in North America based on sales.