SL Green Realty Corp. (NYSE:SLG) and partner Ivanhoé Cambridge announced today that an affiliate of Citigroup Inc. (“Citi”) has signed an agreement extending Citi's triple-net leases covering 2,634,670 square feet at 388-390 Greenwich Street 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.
“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 Realty Corp. “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.”
“We congratulate our partner SL Green on the closing of this major 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,” added Daniel Fournier, Chairman and CEO, Ivanhoé Cambridge.
388 Greenwich is a 39-story tower with highly efficient floors and sweeping, unobstructed views. 390 Greenwich is an 8-story building featuring 94,000 sq. ft. floors that are considered some of the finest trading floors in the world.CBRE’s Robert Alexander, Michael Geoghegan, Andrew Sussman and Michael Wellen represented Citibank while SL Green acted on behalf of the landlord partnership. About SL Green Realty Corp. SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.
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