The Irvine Company is close to finalizing a $1.5 billion refinancing deal for the MetLife Building at 200 Park Avenue in Manhattan, with a 6.25% interest rate set to close on February 10, 2025. This marks a significant increase from the previous 3.6% rate, doubling the debt-servicing costs to around $100 million annually. The 58-story building, 94% occupied, generates $170 million in net operating income. Irvine acquired the property in 2005 for $1.7 billion, and it remains the company’s only New York asset.
The Irvine Company
