California Mogul Is Surprise Owner of Manhattan's MetLife Building
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The "secret" owner of Manhattan's famed MetLife Building turns out to be a real estate titan from California. Billionaire Donald Bren's Irivne Co. over the years has quietly bought its way to a 97.3% stake in the 58-story tower prominently straddling Grand Central Terminal in the heart of Midtown. Ongoing attempts to refinance the property's debt place its value at about $3B. The refi led to the revelation that Irvine owns the lion's share of the building. The remaining share is controled by Tishman Speyer, which still manages the property it acquired in 2005 for $1.79B. [Bloomberg]