SL Green, SITQ Complete $1.6B Acquisition

NEW YORK CITY-A venture between SL Green Realty Corp. and SITQ has closed on the acquisition of two Downtown office buildings at 388 and 390 Greenwich St. for $1.6 billion, or $598 per sf, a deal that was reported on GlobeSt.com in early December. The buildings, which are adjacent and total more than 2.6 million sf, are 100% occupied by Citigroup, which will remain in place under the terms of a 13-year triple-net lease that provides for annual rental increases.

Under the joint venture, SL Green has a 50.6% interest and SITQ has a 49.4% interest. The two buildings, completed in the late 1980s, form a campus located on the Hudson River Waterfront that straddles the Tribeca and World Financial Center.

Amenities at the 40-story 388 Greenwich St. headquarters include full-service dining facilities, fitness center, medical center, conference center, day care and an outdoor park area. 390 Greenwich St. features 10 stories of trading facilities and offices with floor plates ranging from more than 72,000 sf to over 93,000 sf.