SL Green buys Citigroup towers for $1.57B

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SL Green announced today that it has agreed to buy Citigroup’s two towers at 388-390 Greenwich Street for $1.575 billion in a partnership with Canadian real estate firm SITQ. SL Green will retain a 52.5 percent stake in the downtown complex. The property’s 2.6 million square foot sold for $598 per square foot. Citigroup will lease back the building and cover the costs of operating and maintaining it for 13 years.