MetLife Completes Sale of Peter Cooper Village and Stuyvesant Town.

Business Wire | November 17, 2006 | Copyright

NEW YORK -- MetLife, Inc. (NYSE: MET) announced today that it has completed the sale of its Peter Cooper Village and Stuyvesant Town properties to a group led by Tishman Speyer and BlackRock Realty, the real estate arm of BlackRock, Inc. (NYSE: BLK), for $5.4 billion.

The properties were owned by the MetLife affiliate Metropolitan Tower Life Insurance Company.

The sale, which was announced on October 17, 2006, resulted in a gain of approximately $3 billion, net of income taxes, and will be reflected in the company's fourth quarter 2006 financial results.

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