Toyota secures cheaper rate at Citigroup Center

October 21, 2008 04:31PM

Toyota signed a 10-year deal for 30,000 square feet at the Citigroup Center at a rent 10 percent lower than the original agreement. This is one of the first major deals negotiated during the financial crisis when tenants and landlords were learning how to navigate the playing field. Toyota will pay $140 a square foot for the first five years for the entire 49th floor, and then $150 a square foot for the floor the next five years. Toyota was originally supposed to pay $160 to $170 per square foot for the 55th floor of the building, at 153 East 53rd Street. The car maker is currently located at 9 West 57th Street.


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