Building nears completion of major capital improvement program

NEW YORK, NY (May 16, 2016) – MetLife, one of the largest life insurance companies in the world, and Beacon Capital Partners, a leading office investor, and manager, announced today that 360,000 square feet of Class A office space at 575 Fifth Avenue in Manhattan will become available in September 2016. For more than 30 years, the property served as the headquarters for L’Oreal, the cosmetics company.

The building is nearing completion of a $25 million capital improvement program, which includes a newly designed lobby featuring a variety of natural stone materials and finishes. A customized digital media program wraps the walls and columns throughout the space, creating a modern digital experience. Improvements include a new, visually prominent building canopy and entrance, new lighting, enhanced internet and wireless connectivity throughout the building, and new destination- dispatch elevator service. Tenants have access to a new 6,000-square-foot conference center and tenant lounge. The building also features a three-story, light-filled public atrium with access to retail and restaurants.

Located in Midtown at the corner of East 47th Street and Fifth Avenue, the 40-story building sits at the epicenter of some of the world’s finest restaurants, museums, shopping, and hotels, and is centrally located near some of the city’s most important transportation hubs—Grand Central, Rockefeller Center, and Bryant Park. This dynamic and vivid work-live-play area is the largest commercial, entertainment, and media center in the United States. The skyscraper is nestled on what American Planning Association has called “one of the greatest streets to visit in all of America,” referring to the sprawling and luxurious Fifth Avenue.

Deals have already been signed within the building by Barneys New York for 72,000 square feet, and Westpac Banking Corporation and Northwood Investors, each for 15,000 square feet. 

Beacon and MetLife have been partners for many years, and 575 Fifth Avenue is the second building they have co-owned in New York City. Last year, they successfully repositioned the iconic 85 Broad Street property, the former Goldman Sachs headquarters, into a vibrant destination for both corporate and creative tenants, leasing over 430,000 square feet to companies such as Berkshire Hathaway, Banco Popular, VOX Media, and WeWork.“Capitalizing on our success at 85 Broad Street, we are thrilled to once again partner with MetLife on 575 Fifth Avenue,” said Chris Gulden, senior vice president, Beacon Capital Partners. “575 Fifth Avenue is a hidden gem in the center of Manhattan. We plan to make it one of the premier office destinations in Midtown Manhattan.”“575 Fifth Avenue is a spectacular property, with unrivaled location, views, and amenities,” said Donald Svoboda, Director at MetLife. “We are proud of the transformation made possible through our partnership with Beacon Capital Partners.”

CBRE will serve as the exclusive broker. CBRE’s Howard Fiddle, vice chairman; Gregg Rothkin, senior vice president; Keith Caggiano, senior vice president; Arkady Smolyansky, vice president; Brad Auerbach, associate and Dave Caperna, senior financial analyst, represent the building owners.“ We are thrilled to represent MetLife and Beacon Capital Partners at 575 Fifth Avenue, one of the most coveted premier assets in all of Manhattan,” said Mr. Rothkin. “575 Fifth Avenue has been fully occupied and off the radar for so long that most brokers have never been in the building, much less know about the flexible floor plate, the exceptional light and panoramic views of Central Park, and the Midtown skyline.” The Energy Star-rated property was the winner of the 2012 International BOMA Outstanding Building of the Year award. Each of the building’s 40 floors, ranging in size from 23,000 square feet in the base to 15,000 square feet in the mid-rise and tower, has an open feel and exceptional sightlines including Central Park. The elongated side-core floor plate is flexible for perimeter office or open, creative uses with open ceilings. A state-of-the-art marketing center was recently completed on the 30th floor, which will provide the brokerage community a “first look” at what the Fifth Avenue space has to offer.

About Beacon Capital Partners

Beacon Capital Partners is a tenant-focused private real estate investment firm with a 70-year legacy of successful real estate development, ownership, and management. Beacon invests in high-quality office properties in core urban markets with highly-educated workforces. Our hands-on approach transforms these properties for today’s tenants, with innovative design, state-of-the-art connectivity, modern amenities, and award-winning sustainability and risk management initiatives. From Fortune 100 firms to the leading innovative and growth companies, our tenants are proud to call our distinctive workplaces home. Beacon has raised eight investment vehicles totaling over $12 billion in equity since 1998 from a diverse investor group including endowments, foundations, public, private, and foreign pension funds, financial institutions, and sovereign wealth funds. This equity has fueled 150+ office investments with a projected total value of approximately $30 billion (including leverage and JV partner equity). For more information, visit www.beaconcapital.com.

About MetLife

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.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors, and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities, and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.