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Contacts:
MetLife Equity Office
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For Media: John Calagna Terry Holt
(212) 578-6252 (312) 466-3102 or
(312) 925-5387
For Investors: Tracey Dedrick Elizabeth Coronelli
(212) 578-5140 (312) 466-3286
METLIFE SIGNS LEASE AT 1095 AVENUE OF THE AMERICAS IN MANHATTAN
MetLife's Long Island City Office to Become an IT Center of Excellence
NEW YORK, December 28, 2006 - MetLife, Inc. (NYSE: MET) and Equity Office (NYSE:
EOP) announced today that MetLife has signed a 21-year lease at 1095 Avenue of
the Americas in Midtown Manhattan. MetLife will occupy 12 floors in the
building or approximately 410,000 square feet.
The company expects to begin moving certain operations, including a portion of
its employees currently based in MetLife's Long Island City (LIC), Queens
office, into the building, which is owned and is being redeveloped by Equity
Office, in the fourth quarter of 2008.
MetLife intends to maintain a substantial ongoing presence in Queens. The LIC
office, which will remain a key location for MetLife, will become primarily an
IT Center of Excellence for the company.
"We are extremely pleased and excited about MetLife moving to 1095 Avenue of the
Americas, which will be a premier class-A office tower," said C. Robert
Henrikson, chairman of the board, president and chief executive officer of
MetLife, Inc. "MetLife is a worldwide provider of financial solutions in
today's global marketplace, and relocating to 1095 Avenue of the Americas will
allow us room for future growth and expansion."
"Our Long Island City site will continue to serve as an important MetLife
location, housing a state-of-the-art IT center for our company," continued
Henrikson. "As we have since we first moved to LIC in 2001, we remain committed
to this increasingly important central business district and we will continue to
work with city officials to build on the significant progress already made in
Long Island City's transformation."
Equity Office began the redevelopment of 1095 Avenue of the Americas in January
2006, and recently announced its first lease at the building with the law firm
of Dechert LLP for 234,000 square feet. MetLife's lease will bring 1095 Avenue
of the Americas to more than 60 percent leased, with approximately 400,000
square feet still available. The building is scheduled for occupancy in
mid-2008.
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"MetLife is a premier anchor tenant for 1095 Avenue of the Americas," commented
Equity Office's Executive Vice President of Development Robert J. Winter, Jr.
"The company's reputation and brand will reinforce the building as the
preeminent corporate business address in Midtown."
"We are pleased that we have been able to work together collaboratively to reach
an agreement that preserves jobs in Long Island City and allows MetLife to
achieve its corporate objectives," said New York City Deputy Mayor Daniel L.
Doctoroff.
"I am delighted that MetLife has recognized what a great place Western Queens is
to do business and will be keeping a major presence there," said Congresswoman
Carolyn Maloney (D, Queens, Manhattan). "Long Island City is truly an ideal
location for MetLife's new IT center. I look forward to working with MetLife as
we transform Western Queens into one of New York City's premier business and
residential destinations."
The redevelopment of 1095 Avenue of the Americas includes a full-building
exterior re-clad, expanded two-story lobby, new elevator cabs including controls
and modernization, a sky lobby on the 23rd floor, redesigned retail space,
updated common areas and a renovated 14,000-square-foot plaza. The project also
features new building systems, including floor reconfigurations that will add
approximately 45,000 usable square feet to the building, and window retrofits,
which will enable energy and operating cost savings.
CB Richard Ellis represented Equity Office and Jones Lang LaSalle represented
MetLife in the transaction.
About EOP
Equity Office, operating through its various subsidiaries and affiliates, is the
largest publicly traded owner and manager of office properties in the United
States by square footage. At September 30, 2006, Equity Office had a national
office portfolio comprised of whole or partial interests in 585 office buildings
located in 16 states and the District of Columbia. As of that date, Equity
Office had an ownership presence in 24 Metropolitan Statistical Areas (MSAs) and
in 100 submarkets, enabling it to provide a wide range of office solutions for
local, regional and national customers.
Forward - Looking Statements
This release includes certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management's present expectations and beliefs about
future events. As with any projection or forecast, these statements are
inherently susceptible to uncertainty and changes in circumstances. Important
factors that could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be considered in
evaluating this release and the outlook of Equity Office include, but are not
limited to, changes in economic, business and competitive conditions, and other
factors affecting the operation of the business of Equity Office. These and
other risks and uncertainties are detailed from time to time in Equity Office's
filings with the SEC, including its Form 10-K filed on March 15, 2006, as
amended by Part II - Item 1A of our Form 10-Q filed on August 8, 2006. Equity
Office is under no obligation, and expressly disclaims any obligation, to update
or alter its forward-looking statements, whether as a result of changes, new
information, subsequent events or otherwise.
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About MetLife
MetLife, Inc. is a leading provider of insurance and financial services with
operations throughout the United States and the Latin America, Europe and Asia
Pacific regions. Through its domestic and international subsidiaries and
affiliates, MetLife, Inc. reaches more than 70 million customers around the
world and MetLife is the largest life insurer in the United States (based on
life insurance in-force). The MetLife companies offer life insurance,
annuities, auto and home insurance, retail banking and other financial services
to individuals, as well as group insurance, reinsurance and retirement & savings
products and services to corporations and other institutions. For more
information, please visit www.metlife.com.
This release contains statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to trends in the operations and financial results
and the business and the products of the company and its subsidiaries, as well
as other statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend" and other similar expressions. Forward-looking
statements are made based upon management's current expectations and beliefs
concerning future developments and their potential effects on the company. Such
forward-looking statements are not guarantees of future performance.
Actual results may differ materially from those included in the forward-looking
statements as a result of risks and uncertainties including, but not limited to,
the following: (i) changes in general economic conditions, including the
performance of financial markets and interest rates; (ii) heightened
competition, including with respect to pricing, entry of new competitors and the
development of new products by new and existing competitors; (iii) unanticipated
changes in industry trends; (iv) the company's primary reliance, as a holding
company, on dividends from its subsidiaries to meet debt payment obligations and
the applicable regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (v) deterioration in the experience of the "closed block"
established in connection with the reorganization of Metropolitan Life Insurance
Company; (vi) catastrophe losses; (vii) adverse results or other consequences
from litigation, arbitration or regulatory investigations; (viii) regulatory,
accounting or tax changes that may affect the cost of, or demand for, the
company's products or services; (ix) downgrades in the company's and its
affiliates' claims paying ability, financial strength or credit ratings; (x)
changes in rating agency policies or practices; (xi) discrepancies between
actual claims experience and assumptions used in setting prices for the
company's products and establishing the liabilities for the company's
obligations for future policy benefits and claims; (xii) discrepancies between
actual experience and assumptions used in establishing liabilities related to
other contingencies or obligations; (xiii) the effects of business disruption or
economic contraction due to terrorism or other hostilities; (xiv) the company's
ability to identify and consummate on successful terms any future acquisitions,
and to successfully integrate acquired businesses with minimal disruption; and
(xv) other risks and uncertainties described from time to time in the company's
filings with the Securities and Exchange Commission, including its S-1 and S-3
registration statements. The company specifically disclaims any obligation to
update or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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