Price Waterhouse Signs Lease For 140,000 Square Feet At Metlife's Eleven Madison

Business Wire, June 26, 1997

NEW YORK--(BUSINESS WIRE)--June 26, 1997--Price Waterhouse has signed a sublease agreement with Alexander & Alexander Services, Inc., for 140,000 square feet at Eleven Madison, a commercial office tower owned by Metropolitan Life Insurance Company. Price Waterhouse, one of the largest worldwide professional services firms, signed a 15-year lease for two full floors of the building.

The 2.2 million square foot Eleven Madison property encompasses the entire block between Madison and Park Avenue South and 24th and 25th Streets. It was formerly part of MetLife's corporate headquarters, which includes the complex located at One Madison Avenue between 23rd and 24th Streets.

Price Waterhouse will house its Management Consulting Services practice, as well as accounting, auditing and tax professionals, at Eleven Madison. The firm will also use a portion of the space as a "hoteling" facility, or temporary space for those employees who spend most of their time off-site at client's offices. Price Waterhouse's decision to occupy space at Eleven Madison is part of its recently announced strategy of expanding its New York City operations and creating about 1,100 new jobs. Price Waterhouse will retain its headquarters operations at 1177 Sixth Avenue in Manhattan.

"MetLife is very excited about Price Waterhouse's decision to come to Eleven Madison," said Dominick Prezzano, senior vice-president in charge of MetLife's Corporate Property Management. "We believe that the prestige Price Waterhouse lends to the building and the neighborhood complements Eleven Madison's distinguished tenancy."

"Our decision to expand into Eleven Madison comes at a time of rapid growth for us," said James Schiro, Price Waterhouse chairman and senior partner. "We have made a solid commitment to retaining and creating jobs in New York City, where we have been corporate citizens for more than 100 years. We find Eleven Madison to be unique in that it combines technological sophistication with an architectural elegance that can rarely be found in office buildings today."

Credit Suisse First Boston was the first tenant to sign a lease at Eleven Madison and has leased a total of 1.6 million square feet of the 2.2 million square foot property. Other companies that are current, or future, tenants include Emanuel/Emanuel Ungaro(a), Gould Paper Corporation and Wells Rich Greene.

For nearly 150 years, Price Waterhouse has been helping the world's leading companies solve complex business problems. Today, through a worldwide network comprising 56,000 professionals, Price Waterhouse assists clients in effecting organizational and strategic change; using information technology for competitive advantage; complying with statutory audit and tax requirements; and implementing strategies to improve business performance and increase shareholder value. Price Waterhouse LLP, with more than 15,000 men and women in principal cities throughout the United States, is a vital part of the worldwide Price Waterhouse organization.

Headquartered in New York City since 1868, MetLife is one of the world's largest financial services companies. With approximately $300 billion of assets under management, MetLife currently serves 36 million people around the world. The more than 43,000 associates in the MetLife family provide or administer life, health, and property/casualty insurance, as well as savings and retirement and other financial products and services for individuals and groups. -0- (a) Note to Editor: The legal name of the womenswear company that signed a lease at Eleven Madison is Emanuel/Emanuel Ungaro, and any shortened version should read Emanuel.

CONTACT: Catherine Peters

212/578-2110