Global Financial Services Giant Exercising Option to Buy Back Greenwich St. Complex for $2 Billion
Citigroup Inc. is exercising an option to buy back its two-building office complex at 388-390 Greenwich St. in Manhattan's Tribeca neighborhood for $2 billion.
The financial services giant designated the 40-story office complex as its global headquarters after opting out of leased space at 399 Park Ave. Citigroup sold the Greenwich St. property in 2007 to SL Green and Ivanhoe Cambridge for approximately $1.6 billion. The Tribeca buildings previously served as the headquarters of Travelers Group Inc., which merged with Citicorp in 1998 to form Citigroup.
Citigroup renewed its lease in 2013 for the Greenwich St. complex, which houses its its trading and investment banking offices. SL Green bought out Ivanhoe Cambridge's share for $783 million in May 2014 took full ownership of the building.
As part of the lease renewal, Citigroup negotiated extensive renovations to the buildings and the buyback option. According to SL Green, the sale is not expected to close until December 2017.