Citigroup inks NJ office lease, mulls another

March 10, 2011 03:51PM

Citigroup has inked a deal for 46,000 square feet of office space near the Jersey City waterfront and is mulling additional space nearby after the New Jersey Economic Development Authority approved $12.3 million in subsidies intended to entice the bank to relocate jobs to the state. The seven-year lease at the LeFrak Organization’s 480 Washington Boulevard begins July 1 and is part of the bank’s expansion plans, a spokesperson told Crain’s. That is to say, New York jobs won’t be moved to New Jersey as a result of this lease. However, Citi, which currently has more than 7 million square feet of office space in New York City, is on the hunt for more space in the tri-state area as it plans new hires for its 388-390 Greenwich Street building. As the Wall Street Journal reported, the bank is also in discussions for a separate lease at LeFrak’s 499 Washington Boulevard, which could result in moving as many as 400 New York City technology and operations staffers across the Hudson River to make room for additional Tribeca employees. [Crain’s] and [WSJ]