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| METLIFE AWARDS LEASING AND
MANAGEMENT OF THE METLIFE BUILDING 200 PARK AVENUE TO INSIGNIA/ESG
Insignia/ESG also to Lease/Manage Landmark at 551 Fifth Avenue - The Fred F. French Building New York, NY -- (December 6, 2001) - MetLife yesterday announced that Insignia/ESG has been awarded the management and office/retail leasing of the 2.8 million-square foot MetLife Building 200 Park Avenue, and the 425,000-square foot Fred F. French Building at 551 Fifth Avenue. |
Insignia/ESG will assume its new property management and leasing role on January 1, 2002, taking over from Shorenstein Realty Services, which managed both buildings for ten years. The Insignia/ESG team consists of Keith Caggiano, Howard Fiddle, Lewis Miller, Jon Zuckerman (office leasing); Paul Allegretti, Gregg Popkin, Wayne Taub, (property management); and David Green, Allison Winters (retail leasing).
"Winning the assignment to lease and manage these two magnificent New York City icons is a tremendous honor for our company," said Stephen B. Siegel, chairman and chief executive officer of Insignia/ESG. "Having ourselves been tenants in the MetLife Building since 1988, Insignia/ESG takes special pride in operating a property where we're headquartered and that is one of the most recognizable buildings of the Manhattan skyline."
Lee Launer, MetLife Senior Vice President in charge of MetLife Real Estate Investments commented, "The MetLife Building 200 Park Avenue and 551 Fifth Avenue are important assets within MetLife's portfolio. We are pleased that Insignia has accepted the challenge of the management and leasing of these buildings with such enthusiasm."
Rising above Grand Central Station, the 58-story MetLife Building was built in 1963 and is currently undergoing a lobby renovation as well as an external façade cleaning. 551 Fifth Avenue, a 38-story, 425,000-square foot landmark, was constructed in 1926 by Fred F. French. Like the MetLife building, 551 Fifth is fully-leased and accommodates at its base Morton's Restaurant and women's wear retailer New York Look.
MetLife, a subsidiary of MetLife, Inc. (NYSE: MET), is a provider of insurance and other financial services to individual and group customers. The MetLife companies serve approximately nine million individual households in the U.S. and companies and institutions with 33 million employees and members. MetLife also has international insurance operations in 14 countries.
Insignia/ESG is one of the largest commercial real estate services providers in the United States, with comprehensive brokerage, consulting, property management, fee development, investment sales and debt placement operations. The company operates in top U.S. markets, including New York, Chicago, Los Angeles, Boston, Philadelphia, Atlanta, Miami, San Francisco, Dallas, Phoenix and Washington, D.C. Nationally, Insignia/ESG provides services for a property portfolio spanning approximately 230 million sq. ft. Insignia/ESG also delivers advanced commercial real estate services through Insignia Richard Ellis in the United Kingdom, and through other Insignia subsidiaries in Europe, Asia and Latin America. Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., a publicly traded real estate company listed on the New York Stock Exchange under the symbol IFS.
