Citigroup downsizing will leave big void at One Court Square

Bank will only occupy 400K sf

New York /
Jul.July 24, 2018 10:00 AM

One Court Square in Long Island City (Credit: One Court Square)

Citigroup is planning to shrink its space at Savanna’s One Court Square — opening up 1 million square feet at the Long Island City tower.

Citigroup will now only occupy 400,000 square feet at the 1.5 million-square-foot tower, marking one of the largest single address departures in the city in recent memory, the New York Post reported. The bank has been consolidating its office space, most recently shedding 350,000 square feet at 399 Park Avenue.

Asking rent at the Long Island City property is $55 to $65 per square foot, though incentives are being offered to shave up to $25 off that price. A JLL team including Mitchell Konsker, Michael Berg, Matthew Astrachan, Dan Turkewitz and Clark Finney are marketing the office space. Savanna also plans to revamp the building’s retail space, which will include a 17,000-square-foot food hall. Winick will be marketing that space.

The tower was built for Citigroup in 1990. Though the property’s had different owners since 2005, with Savanna purchasing it in 2014, Citigroup has leased most of the tower. Last year, Crain’s reported that telecom and cable giant Altice USA planned to take 100,000 square feet at the building. [NYP] — Kathryn Brenzel


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