Bayview Asset Management Expands Footprint at Met Tower

Bayview Asset Management has expanded by 16,000 square feet and will now lease 46,000 square feet at Metropolitan Tower at 142 West 57th Street for the next 15 years. 

The alternative investment firm moved to Met Tower’s 14th and 15th floors in January 2025, and expanded in May to include the fifth floor. Under the new deal, the leases for all three floors coterminate in 2040.

The company originally moved to the building in 2011, when it occupied the third and fourth floors.

Mark Weiss of Cushman & Wakefield represented Bayview, and declined to comment. Michael Kirchmann of GDS Development Group (GDSNY) represented the building ownership, which includes GDSNY and Sabal Investment Holdings. GDSNY is organizing the design and development at Met Tower. 

“Since starting to reposition this iconic building into a premier asset, we have seen remarkable interest and strong leasing momentum,” Kirchmann, CEO of GDSNY, said in a statement. “This milestone underscores the demand for thoughtfully designed, best-in-class office spaces that enhance both functionality and experience.”

David Falk, Eric Cagner, Peter Shimkin and Leo Koné of Newmark represent the building for the remaining office space, which includes the 16th floor, the only full floor now available. Designed by Fogarty Finger, the 16th floor is fully prebuilt and has an asking rent just under $90 per square foot.

The 77-story, mixed-use skyscraper near Carnegie Hall was designed by SLCE and developed by Harry Macklowe in 1986. It has a total of 531,657 square feet, of which 273,000 square feet in its 18-story base are offices owned as a single condominium. There are 235 luxury residential condominiums above.

The office portion was purchased by L&L Holding and Principal Real Estate Investors in 2005 for $120 million and then sold to GreenOak in 2016 for $163 million before being taken back by its lender Aareal Bank.

GDSNY and Sabal signed a joint venture and asset management agreement with Aareal on a loan collateralized by the office component and then assumed ownership of the office condo in March 2024 after converting the mortgage into an equity stake. Last year, the Swiss-based coworking firm International Workplace Group signed a 93,000-square-foot lease in the building.

The new owners brought in SOM as the architect of a new lobby and amenities. That lobby features high-quality natural materials, silver travertine flooring and an abundance of natural light designed to make the Met Tower resemble a hotel more than an office building. The Met Tower lobby was also expanded by incorporating previous retail space so it can include a restaurant for both tenant and public use. It is also in the process of incorporating a tenant club with a pool table and a bar, as well as studio space and a media room that can expand into a 40-person screening room. 

Founded in 1993, Bayview is headquartered in Coral Gables, Fla., with additional asset management offices in New York, London, Geneva and Luxembourg along with loan servicing and origination affiliates in seven U.S. states and Milan, Italy.

Bayview and affiliates including Lakeview Loan Servicing, Community Loan Servicing and Pingora Holdings are collectively known as the Bayview Companies. According to a LinkedIn profile, the company managed approximately $21 billion in assets as of March 31.