NEW YORK - MetLife Incorporated, the largest US life insurer, has announced the sale of its namesake skyscraper above Manhattan`s Grand Central Station on Park Avenue for a record 1.72 billion dollars.
The deal came through just days after the insurer announced the sale of its other landmark New York holding, at One Madison Avenue, for 918 million dollars.
Of the two buildings, the MetLife building on Park Avenue is the more famous -- an iconic structure that for much of its life was known as the PanAm building.
At 2.8 million square feet, it was once the largest commercial office building in the world.
In a statement released on Friday, MetLife said it expected an after-tax gain of at least 750 million dollars from the sale.
The principal buyer is Tishman Speyer Properties, which also owns two of New York`s other signature skyscrapers, the Chrysler Building and Rockefeller Center.
The building will continue to serve as the company`s corporate headquarters and the familiar "MetLife" sign atop the building will remain in place. After the sale is completed, MetLife plans to maintain a prominent presence in the building, which contains several company offices and MetLife`s boardroom.
Tishman Speyer said the Park Avenue property would remain an office building, unlike the Madison Avenue holding which the developer -- SL Green Realty Corp -- intends to convert into luxury apartments.
The previous record for the sale of a skyscraper in the United States was in 2003 when the developer Harry Macklowe paid 1.4 billion dollars for the General Motors Building on Fifth Avenue between 58th and 59th Streets.
04/02/2005 16:29 GMT