With the leasing market improving, Beacon Capital Partners and MetLife are taking another stab at trying to sell their Fifth Avenue high-rise office tower.
The partners put the 40-story building at 575 Fifth Avenue up for sale, eyeing a price north of $400 million, The Real Deal has learned.
That’s roughly the same price the owners had in mind when they put the property up for sale in the spring of 2022. Back then, they were only offering the 500,000-square-foot office condominium, which they own 50-50. This time around, MetLife is including the 40,000-square-foot retail condo at the base of the tower, according to an offering memo from Eastdil, which is handling the sale.
Representatives for Beacon and MetLife did not immediately respond to requests for comment. An Eastdil team led by Gary Phillips and Will Silverman is overseeing the sales process.
The building is 87 percent occupied.
It’s not entirely clear why Beacon and MetLife didn’t sell the property three years ago, but the office leasing market has vastly improved since then. The year 2023 ended with about 29 million square feet of transactions in Manhattan, a decrease from the previous year.
Now, 2025 is on track to record more than 40 million square feet worth of Manhattan office leases, which would be the first time the borough has cracked that figure since before the pandemic.
The Midtown building at the corner of East 47th Street sits across the street from Extell Development’s 570 Fifth Avenue, where Gary Barnett has reportedly signed the law firm Simpson Thacher to a 700,000-square-foot office lease to kick off the development of his planned 29-story office and retail project.
MetLife bought 575 Fifth Avenue for $385 million in 2005 and sold a 50 percent stake in the office portion to Beacon for an undisclosed price in 2015.
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