Shares are rallying 1.88% to $41.15 on Friday.
The banking giant sold the complex for around $1.6 billion to a partnership between real estate investment trust SL Green Realty and Ivanhoe Cambridge back in 2007, but now, it's looking to buy it back, Bloomberg reports.
The purchase of Citigroup's recently-established headquarters at 388-390 Greenwich Street is scheduled to be completed in December 2017.
In an effort to save a significant amount of money, Citigroup is looking to consolidate its workforce in the metropolitan area, according to the Wall Street Journal.
Additionally, moving its home base from Park Avenue to Tribeca will allow executives to work together under one roof.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B-.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, attractive valuation levels, impressive record of earnings per share growth and notable return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: C