Beacon Capital Partners and MetLife have put their office tower at 575 Fifth Avenue up for sale, seeking a price above $400 million. The 40-story Midtown building is being marketed by Eastdil, with Gary Phillips and Will Silverman leading the sales process.
The owners previously attempted to sell the property in spring 2022, aiming for a similar price but only offering the 500,000-square-foot office condominium they jointly own. This time, MetLife is also including the 40,000-square-foot retail condominium at the base of the tower.
The building is currently 87 percent occupied. Representatives for Beacon and MetLife did not immediately respond to requests for comment.
It remains unclear why the property was not sold three years ago. Since then, Manhattan’s office leasing market has shown signs of recovery. In 2023, about 29 million square feet of transactions were recorded in Manhattan, which was a decrease from the previous year. However, projections indicate that more than 40 million square feet of leases could be signed in Manhattan in 2025—the highest since before the pandemic.
Located at East 47th Street and Fifth Avenue, the building sits across from Extell Development’s project at 570 Fifth Avenue. There, developer Gary Barnett reportedly secured a major lease with law firm Simpson Thacher for approximately 700,000 square feet to anchor his planned new development.
MetLife acquired 575 Fifth Avenue in 2005 for $385 million and later sold a half stake in its office portion to Beacon Capital Partners in 2015.
