SL Green and Ivanhoé Cambridge Sign Long Term Lease with Citi In NYC

 SL Green Realty Corp. and partner Ivanhoé Cambridge announced that an affiliate of Citigroup Inc. ("Citi") has signed an agreement extending Citi's triple-net leases covering 2,634,670 ft2 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 ft2 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.
 

on December 20, 2013