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New York

Wells Fargo, BofA to refinance MetLife building for $1.4B

Deal would value the building at $3 billion

The MetLife Building at 200 Park Avenue in Midtown East
The MetLife Building at 200 Park Avenue in Midtown East

Bank of America and Wells Fargo are refinancing Tishman Speyer’s MetLife building for $1.4 billion.

The deal could value the iconic 58-story Midtown East tower at 200 Park Avenue at roughly $3 billion, making it one of Manhattan’s most expensive office buildings, according to Bloomberg. The refinancing will pay down a $1.72 billion mortgage that Tishman Speyer took out in 2005, according to the website.

Bank of America and Wells Fargo plan to divide the 10-year debt into bonds that they will sell to investors, a Tishman Speyer spokesperson told the website.

At $3.4 billion, the General Motors Building is currently the highest valued office building in Manhattan. [Bloomberg] — Claire Moses

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