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

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
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SL Green's Marc Holliday and 450 Park Avenue (Getty, Reading Tom, CC BY 2.0 via Wikimedia Commons)
SL Green reports $44M quarterly loss as it pivots to paying down debt
SL Green reports $44M quarterly loss as it pivots to paying down debt
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
SL Green’s Harrison Sitomer with 245 Park Avenue
SL Green gets restraining order against HNA at 245 Park Ave
SL Green gets restraining order against HNA at 245 Park Ave
arrow_forward_ios

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

Loading...