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Thread: MetLife (Pan Am) Building - 200 Park Avenue

  1. #31

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    Yeah baby!

  2. #32

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    Just a what if question.....What would you guys think if this building were reclad, whether it's done up all in glass or a retro stone design sometime in the not-so-distant future? This seems rather plausible since it's so reviled, but my question to that would be whether this would do anything to open up the vista up or down Park Ave. Thoughts?

  3. #33
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    It's waaaaaaaayyy too massive for an all-glass recladding. Think of the glare on Park Avenue South! And stone would make it look even more hulking and clumsy.

    If this building HAD to have been built, I agree with The City Review's belief that it should have gone on the western edge of [OLD] Penn Station, turned on its axis to go north-to-south. It would have been an interesting capstone to 34th Street, preserved the iconic splendor of the Helmsley Building, and quite possibly saved New York's other great terminal.

  4. #34
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    And so long as we're talking about recladdings, the fugly Lenox Hill Hospital building on Park Avenue is undergoing just that. Instead of fugly pink concrete, it's getting a much nicer whitish-gray granite, green glass and aluminum facade.

  5. #35

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    its cool coz its a big bad mother simple as that

  6. #36

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    its cool coz its a big bad mother simple as that

  7. #37
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    Globest.com

    MetLife Puts 200 Park on the Market

    By Barbara Jarvie
    Last updated: February 16, 2005 11:08am

    NEW YORK CITY-When announcing its proposed $11.5 billion acquisition of Citigroup’s Traveler’s Life and Annuity last month, 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. One of those assets it is exploring the option of selling is its headquarters site here at 200 Park Ave. and 1 Madison Ave.


    According to sources, the duo could fetch in the neighborhood of $2.5 billion. Cushman & Wakefield is marketing the landmark Grand Central Station-area site, while CB Richard Ellis is marketing 1 Madison. Neither firm could comment on the hiring. A MetLife spokesperson says the company is “gauging interest” and notes the company does not have to sell the properties to complete the Traveler’s deal, which would make MetLife the largest individual life insurer in North America based on sales.


    Leasing at the 2.8 million 200 Park Ave. has been handled by CBRE. Last year Dreyfus inked a 310,000 early lease renewal and signed on for another 40,000 sf, which is also home to Barclays Bank, Mitsui and CBRE. Retail tenants include Café Centro, Fleet Bank, Godiva and New York Sports Club. CBRE found tenants for space vacated by law firm Clifford Chance, which planned to move its headquarters to Lower Manhattan. Two international law firms--Hunton & Williams and Gibson, Dunn & Crutcher--inked deals totaling 185,000 sf for the remaining office space that was previously occupied by Clifford Chance. Bovis Lend Lease also signed a 15-year lease is for the entire ninth floor of the building, which totals more than 75,000 sf.



    Other MetLife sales of late include BlackRock Inc.’s acquisition of Metlife’s SSRM Holdings, the holding company of Boston-based State Street Research & Management Co. and SSR Realty Advisors Inc. That deal included approximately $6 million in real estate Heyman Properties closed on the purchase of the 712,000-sf White Plains Plaza office complex in a deal valued at approximately $60 million. Also last year, the firm sold Chicago’s Sears Tower for $840 million. And Beacon Capital Partners purchased 501 Boylston St. in Boston for about $130 million in late 2002.

  8. #38
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    I'm certain that we can expect the cornice logo to be removed.

  9. #39

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    I'm certain that we can expect the cornice logo to be removed.
    I hadn't even thought about that. But since its so identifiable it probably wont come down unless another will immediately be put in place.

  10. #40

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    It may take some time, but I think the logo will come down. The building was much more symbolic of Pan Am during the time of their ownership than Met Life.



    1963: Pan Am Building completed.
    1981: Pan am sold building to Met Life, but retained offices.
    1991: Pan Am World Airways ceased operations.
    1992: Pan Am logo removed.
    1993, Jan 13: Met Life logo officially lit.

    Pan American was the icon of commercial aviation.
    http://www.panam.com/newhist1.asp
    Last edited by ZippyTheChimp; February 17th, 2005 at 12:04 PM.

  11. #41
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    When it was PanAm, by Kiss+Zwigard Architects:



    http://www.kiss-zwigard.com/portfolio_comm.htm

  12. #42
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    Daily News
    Mar 30, 1:49 PM EST

    MetLife to sell its first skyscraper HQ

    NEW YORK (AP) -- The original MetLife office building, an ornate architectural confection and Manhattan landmark for nearly a century, has been sold for nearly $1 billion to a real estate company which plans to convert its distinctive tower into condominiums, the insurance company said Wednesday.

    The purchase by SL Green Realty Corp. includes the North Tower and an adjoining 1.2 million square-foot South Building. The price was $918 million, MetLife said.

    Completed in 1909 as the first headquarters of the Metropolitan Life Insurance Co., the 41-story tower at No. 1 Madison Square was one of Gotham's early skyscrapers. Restored to rental offices after a period of use for storing files, it still dominates the area at night with its lighted gold crown and sides bathed in multicolored lights.

    SL Green plans to turn the tower into residential condos, the announcement said. The adjoining building is 95 percent occupied by Credit Suisse First Boston, an investment bank that will provide $805 million in financing for the sale.

    The Madison Square edifice is not to be confused with the other Met Life building, a slab-sided 60 story monolith straddling Park Avenue above Grand Central Terminal. Originally the PanAm Building, it was Manhattan's largest office complex when erected in 1963 and was acquired by MetLife in 1981.

  13. #43

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    Tid-bit from the Post:

    Bids expected to touch or top $1.7 billion were due last night for the mega Met Life Building at 200 Park Ave. Cushman & Wakefield's quartet of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan were handling that assignment.

    I can understand $1.7 billion for the Met Life on Park but almost a billion for the original HQ in midtown south off Madison Square is exorbitant, Verizon's midtown HQ sold for less and is double the space.

  14. #44
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    True, and they are going to make condos out of it. That's like buying a condo in 55 Water St. - its just not a residential building.

  15. #45

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    The MetLife campanile on Madison Sq. will make excellent condos. The floor plates are really too small for offices in this day and age. The attached low-rise section occupied by Credit Suisse wouldn't make very good condos IMO.

    The building is too deep to configure into apartments IMO. Too much space would be too far from a window.

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