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Citi Renews 2.6M-SF Manhattan Leases Through 2035

SL Green, Ivanhoe Sign Deal with Purchase Option
December 20, 2013
Citigroup, Inc. has renewed its existing triple-net leases covering more than 2.63 million square feet at 388-390 Greenwich St. in New York City through December 31, 2035. Landlords SL Green Realty Corp. (NYSE: SLG) and Ivanhoé Cambridge signed the agreement, which includes a purchase option between December 2017 and 2020.

388 Greenwich is a 40-story, 1.87 million-square-foot office tower, while 390 Greenwich is an 8-story, 764,918-square-foot building with 94,000-square-foot trading floors. The Shearson Lehman Plaza was built in 1986 on three acres in the Tribeca submarket of Manhattan, between Joe DiMaggio Hwy and N. Moore Street. The space will be occupied by Morgan Stanley Smith Barney LLC and Citigroup Global Markets, Inc.

"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," said Marc Holliday, chief executive officer 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."

Robert Alexander, Michael Geoghegan, Andrew Sussman, and Michael Wellen at CBRE represented Citibank. SL Green handled lease negotiations in-house on behalf of the owners.

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