Citigroup inks $1B Greenwich Street deal, will relocate HQ

TRD New York /
Dec.December 19, 2013 04:38 PM

It’s official: Citigroup is moving its global banking headquarters to Lower Manhattan.

The financial institution signed a deal worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building complex at SL Green Realty’s 388and 390 Greenwich Street, between Hubert and North Moore streets. Though the bank had already occupied the space, the deal pulls Citi’s headquarters away from 399 Park Avenue at East 53rd Street, where it has centered its operations for years.

The site was considered a frontrunner in Citi’s long search for a new nerve center, beating out contenders at 2 World Trade Center and Hudson Yards. The complex is the largest in SL Green’s sizable portfolio.

Citi secured an option to extend the lease by 15 years when it expires in 2020, as well as a right to repurchase the two buildings outright for roughly $2 billion. Citi owned the complex until SL Green and Ivanhoe Cambridge bought it for nearly $1.6 billion in 2007.

A leasing team from CBRE Group represented Citi in the deal, along with a legal team from law firm Fried Frank Harris Shriver & Jacobson. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
From left: SL Green CEO Marc Holliday, Ceruzzi Properties’ Arthur Hooper, the Lipstick Building at 885 Third Avenue and IRSA president Eduardo Elsztain (Getty, Wikipedia, Google Maps)

Lipstick Building ground rent reset leads to appraisal dispute

Lipstick Building ground rent reset leads to appraisal dispute
From left: Empire State Building, One Vanderbilt and 220 Central Park South

REITs: A crystal ball for NYC’s commercial real estate

REITs: A crystal ball for NYC’s commercial real estate
Isaac Zion

SL Green’s co-CIO leaving firm

SL Green’s co-CIO leaving firm
Citigroup CEO Michael Corbat (Credit: Getty; iStock)

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out
SL Green CEO Marc Holliday, One Madison Avenue and Hines Group CEO Jeffrey Hines (SL Green; Hines via Sanjeev Verma/Hindustan Times via Getty Images)

SL Green sells half of One Madison to Hines, NPS of Korea

SL Green sells half of One Madison to Hines, NPS of Korea
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...