MetLife Building Gets $1.4B Shot in The Arm
A $1.4B refi is in the works for the MetLife Building, sources tell Bloomberg. Bank of America and Wells Fargo will issue the new debt to go toward a mortgage taken on by Tishman Speyer when it dropped $1.7B for the building in 2005. According to Bloomberg, the plan is to chop up the new 10-year loan into bonds and sell them. When you do the math, the new debt values the tower at almost $3B. On a price per SF basis, the $1k price tag puts MetLife on par with other recent 10-figure trades in the city.