METLIFE PROVIDES $170 MILLION LOAN TO SHORENSTEIN PROPERTIES FOR FINANCING OF $850 THIRD AVENUE IN NEW YORK
New York, August 11, 2014
MetLife, Inc. (NYSE: MET) announced today that it is providing Shorenstein Properties LLC a floating rate loan totaling $170 million for financing of its 850 Third Avenue office building. The term of the loan will be for three years.
The building is located on Third Avenue between 52nd and 51st streets on the east side of midtown Manhattan. The 21-story, office complex was built in 1962 and renovated in 2008.
The property is currently 91 percent leased, with 615,000 square feet available to rent. Tenants include Discovery Communications, the City of New York, Shearman & Sterling LLP and Radio One.
“This is a proven property with a strong tenant base in a core market for MetLife,” said Robert Merck, senior managing director and global head of real estate for MetLife. “We have a great relationship with Shorenstein Properties and look forward to working with them in this and other markets in the future.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.