NEW YORK CITY-An affiliate of Citigroup has signed an agreement extending Citi's triple-net leases covering 2,634,670 square feet at 388-390 Greenwich St. through December 31, 2035. The agreement includes an option for Citi to acquire the properties during the period from December 1, 2017 through December 31, 2020. Citi also plans to move its headquarters into the space from its present site, at 399 Park Ave.
CBRE's Robert Alexander, chairman, NY tri-state region; Michael Geoghegan, co-head, consulting group; as well as SVPs Andrew Sussman and Michael Wellen represented Citibank, while SL Green Realty acted on behalf of the landlord partnership. Attorneys Jonathan Mechanic and Meyer Last of Fried Frank were legal representatives for Citigroup.
The lease was announced by SL Greenand partner Ivanhoé Cambridge. “We worked tirelessly to structure a transaction that is advantageous to all parties, and we are extremely pleased that Citi has extended its long-term commitment to Downtown Manhattan,” says Marc Holliday, CEO of SL Green. “Citi is one of the world's great financial institutions. SL Green has enjoyed being its largest landlord and we are pleased to continue this strong and highly valued relationship.”
“This transaction, which re-affirms a long-standing relationship with one of the world's premier financial institutions and assures that the property will maintain its status as one of the leading buildings of New York,” adds Daniel Fournier, chairman and CEO, Ivanhoé Cambridge.
388 Greenwich is a 39-story tower, while 390 Greenwich is an eight-story building featuring 94,000-square-foot floors, with some offering trading floors.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
