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GlobeSt.com EXCLUSIVE: Tishman Speyer Takes 200 Park Ave.

NEW YORK CITY-Tishman Speyer is the winning bidder for the MetLife Building at 200 Park Ave., sources tell GlobeSt.com. The site went for "just above $1.7 billion."

By Barbara Jarvie and John Salustri | Updated on April 01, 2005

NEW YORK CITY-For a price “above $1.7 billion,” Tishman Speyer has won the MetLife Building at 200 Park Ave., sources tell GlobeSt.com.

When announcing its proposed $11.5-billion acquisition of Citigroup’s Traveler’s Life and Annuity at the beginning of the year, 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. The company then gave CB Richard Ellis the task of marketing 1 Madison Ave., while Cushman & Wakefield was selected to market 200 Park. When the pair was put up for sale, the duo was expected to fetch in the neighborhood of $2.5 billion, sources said.

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