BY: MAX GILLESPIE 7:00 AM ON DECEMBER 24, 2023
MetLife has extended its 400,000-square-foot lease through 2038 at its eponymous skyscraper at 200 Park Avenue in Midtown East, Manhattan.
Under the new 11-year lease agreement, which was announced by Irvine Company and Tishman Speyer, MetLife will maintain its substantial footprint in the building, occupying the entire third and sixth floors, along with parts of the mezzanine, fourth, and fifth floors. The company initially consolidated its New York City offices to the 58-story tower in 2017.
200 Park Avenue, co-owned by Irvine Company and Tishman Speyer, has undergone a substantial renovation to rejuvenate its 3.1 million square feet of space. Upgrades include lobby renovations, enhanced connection to Grand Central Terminal, new outdoor gardens and customer lounges, a fitness center, and event spaces.
Currently, the MetLife Building is 96 percent occupied, with over 800,000 square feet of new leases, extensions, and renewals since 2020. Designed by Pietro Belluschi, Walter Gropius, and Emery Roth & Sons in the International style, 200 Park Avenue first opened in 1963 as the Pan Am Building. MetLife acquired it in 1980 and added its logo to the top in 1993. Tishman Speyer and Irvine Company have been the owners since 2005, with MetLife retaining naming and signage rights.
The lease extension was facilitated by Tishman Speyer’s Megan Sheehan and Sam Brodsky, representing the co-owners, while a Cushman & Wakefield team led by Patrick Murphy and Peyton Horn represented MetLife.
“MetLife’s continued presence at 200 Park Avenue is a testament to the connection between the iconic building and one of the world’s leading financial institutions,” said Roger DeWames, division executive vice president, Irvine Company Office. “We are proud to extend our partnership with MetLife as the next chapter of 200 Park begins.”