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GlobeSt.com UPDATE: MetLife Closes on 575 Fifth Ave.

NEW YORK CITY-At the closing of its acquisition of 575 Fifth Ave., MetLife brings Jones Lang LaSalle, RKF and Cushman & Wakefield on board.

By Barbara Jarvie | Updated on July 13, 2005

NEW YORK CITY-MetLife has completed its acquisition of 575 Fifth Ave here. The insurer brought on a number of real estate firms to manage, consult and lease the site.

MetLife officials did not reveal specifics of the deal; however, sources previously told GlobeSt.com that the acquisition price was approximately $385 million. The firm appointed Jones Lang LaSalle to serve as office and leasing agent and brought in RKF to consult on the retail component for JLL. Cushman & Wakefield was awarded the property management assignment. L’Oreal USA occupies approximately three-quarters of the office space and other office tenants include Barney’s, McDonald Investment and Westpac Banking Corp. Retail tenants include Ann Taylor, Cingular Wireless, Gateway Newsstands, Rippulu Lingerie Boutique, Starbucks, the Company Outlet and Watabe Sporting Goods Shop.

The 522,346-sf, 40-story office, which is currently fully leased, was completed in 1983 and is located on Fifth Avenue between 46th and 47th streets. William Engel, together with Gregory Reed and Donald Svoboda, of MetLife’s Northeast Regional Office, led the acquisition effort, which is a part of the firm’s multi-tiered acquisition and development program that targets office, apartment, retail and industrial opportunities in major markets.

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