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Citi to move NYC headquarters to lower Manhattan: report
December 20, 2013 / 12:40 AM / 4 years ago

Citi to move NYC headquarters to lower Manhattan: report

(Reuters) - Citigroup Inc (C.N) will relocate its global headquarters to lower Manhattan as part of a $1 billion lease and renovation deal, Crain’s New York Business reported on Thursday.

A Citibank sign is seen outside of a bank outlet in New York March 4, 2009. REUTERS/Lucas Jackson

According to Crain‘s, the bank would move from 399 Park Avenue in New York City, where it has been based for decades, to Greenwich Street, where Citigroup signed a more than $1 billion deal to renew its lease plus gut and renovate a twin-building complex that it already occupies at 388 and 390 Greenwich Street.

The deal is a major victory for landlord SL Green (SLG.N), which had competed for months to hold onto Citi as a tenant. Combined, 388 and 390 Greenwich Street is the largest single property that SL Green owns, Crain’s said.

SL Green confirmed the lease extension in a press release, while Citigroup declined to comment.

As per the agreement, Citi has the option to extend its 2.7 million-square-foot lease by at least 15 years at the two properties when it expires in 2020 or exercise a right to acquire the buildings for around $2 billion, Crain’s reported.

Citi is expected to undertake a makeover of the interior spaces and possibly a remake of the exterior with a new skin of glass of the two properties, which were built in the 1990s, Crain's said. (link.reuters.com/syw55v)

Citi was represented in the deal by a leasing team from CBRE Group Inc and by a legal team from the law firm Fried Frank.

Reporting by Varun Aggarwal in Bangalore; Editing by Bob Burgdorfer

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