MetLife Originates $175M Loan on 600 Third Ave in Midtown

MetLife has originated a $175 million loan on the 529,773 square-foot office building at 600 Third Avenue in Midtown Manhattan, according to Trepp, which cites Commercial Mortgage Alert.

600 Third Avenue in Midtown was appraised for $225 million in 2004, according to Trepp. Blackrock acquired an interest in the building in 2006 that implied the valuation had reached $315 million.

Debt service coverage ratio for the building, which was 93 percent occupied, was 1.60x through the first three quarters of 2013

Constructed in 1970 and renovated in 1998, 2002 and 2004, the 42-story building is on the West side of 3rd Avenue between 39th and 40th Streets, two blocks east and south of Grand Central Station.

Major tenants in the building include Court TV; Sumitomo Corp; L3 Communications; Loral Space & Communications; Jaffe & Asher, Mission of New Zealand and Mission of Austria.