SL Green has agreed to pay nearly $800 million for Ivanhoe Camrbidge’s stake in 388-390 Greenwich Street, where Citigroup’s headquarters are located.
The firm will plunk down $783 million for a 49.4 percent stake in the 2.6 million-square-foot office building, the New York Observer reported. Following the purchase, SL Green will hold full ownership of the building, for which the consolidated investment is valued at $1.58 billion. “We have enjoyed a successful partnership with Ivanhoe Cambridge at 388-390 Greenwich, capped by Citi’s recent lease extension, which was one of the largest lease transactions ever executed in New York,” Andrew Mathias, president of SL Green, said in a prepared statement. [more]