Search
 

Boston Properties Buys 399 Park for $1B

NEW YORK CITY-Boston Properties revealed yesterday that it has signed a $1.06-billion deal to acquire 399 Park Ave. from Citigroup. The transaction is expected to close by the end of September.

By Glen Thompson | Updated on August 30, 2002

NEW YORK CITY-Boston Properties revealed yesterday that it has signed a $1.06-billion deal to acquire 399 Park Ave. from Citigroup. The transaction is expected to close by the end of September.

The 1.68 million-sf building occupies the entire block from Park Avenue to Lexington Avenue between 53rd and 54th streets in Midtown Manhattan. The property serves as the corporate headquarters of Citigroup, which occupies approximately 40% of the space.

The tenant roster also includes Lehman Brothers, Bingham McCutchen, Arnold & Porter, Wilmer Cutler & Pickering, and JP Morgan Chase. The asset is fully leased with more than 75% of the space in committed for terms in excess of 10 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.