NEW YORK - McDermott Will & Emery represented the largest single investor, Jordache Enterprises chairman Joe Nakash, in a $258-million real estate deal, which included the sale of two major properties of MetLife, Inc. As part of its plan to dispose of $1.7 billion in real estate assets, MetLife, Inc. has sold the historic Fred F. French Building in New York and the Otis Building in Chicago, to Mr. Nakash's investment group.
The Fred F. French Building, named for its developer, is known for its art deco design, as well as being the first skyscraper to rise north of 42nd Street in New York City. The 38-story landmark was built in 1927. The 733,000-square-foot Otis Building in Chicago is the oldest elevator building in Chicago. Originally built four stories high in 1910, the Otis Building grew taller in 1987 when 33 more stories were added.
Keith Pattiz, partner in McDermott Will & Emery's New York office advised Mr. Nakash on this transaction.
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