NEW YORK CITY—GlobeSt.com has confirmed that Citibank is selling off a development site adjacent to One Court Square—an asset formerly owned by Citi that is now leased by the firm—in the buzzy Long Island City section of Queens. The firm also is selling off the floors it owns at Two Court Square.
As part of the sale, GlobeSt.com has learned, Citibank plans to immediately lease back its Two Court Square office space for several years, leaving its headcount at the building unchanged. Industry sources say the development site likely will become a multifamily complex. Citi declined GlobeSt.com's request for comment.
First reported in the New York Times and the Real Deal, the site features a sizeable 780,000 square feet of space and the sale is expected to bring in offers for more than $140 million, or roughly $180 per square foot, based on area land prices.
Jones Lang LaSalle has been tapped to market the property. The real estate services firm did not respond to GlobeSt.com's request for comment at press time but brokers Jon Caplan and Richard Baxter reportedly are leading the assignment.
In 2014, a controlling interest in One Court Square—known as the Citibank Building because the 1.5 million-square-foot office and retail tower was built for the firm in the 1980s, and it's still a tenant there—was sold to Savanna.
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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.
