{"id":1004092121,"date":"2014-03-04T07:13:11","date_gmt":"2014-03-04T15:13:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004092121"},"modified":"2022-12-07T20:39:37","modified_gmt":"2022-12-08T04:39:37","slug":"sl-green-buys-ivanhoe-cambridges-stake-in-nyc-citigroup-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-buys-ivanhoe-cambridges-stake-in-nyc-citigroup-hq\/","title":{"rendered":"SL Green Buys Ivanhoe Cambridge\u2019s Stake in NYC Citigroup HQ"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004092123\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-buys-ivanhoe-cambridges-stake-in-nyc-citigroup-hq\/sl-greenn\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg\" data-orig-size=\"2071,3000\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"SL Greenn\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?w=707\" class=\"alignleft size-medium wp-image-1004092123\" alt=\"SL Greenn\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg\" width=\"207\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg 2071w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=207,300 207w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=768,1113 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=707,1024 707w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=1060,1536 1060w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=1414,2048 1414w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=150,217 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=300,435 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=696,1008 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=1068,1547 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=1920,2781 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/SL-Greenn.jpg?resize=290,420 290w\" sizes=\"auto, (max-width: 207px) 100vw, 207px\" \/><\/a>SL Green Realty Corp., of New York, will acquire Ivanho\u00e9 Cambridge\u2019s stake in 388-390 Greenwich St. in Manhattan\u2019s TriBeCa, thus assuming full ownership of Citigroup Inc.\u2019s 2.6 million-square-foot headquarters there, the REIT announced Monday.<\/p>\n<p>The transaction values the consolidated investment interest at $1.585 billion. Fourth-quarter information supplied to <i>Commercial Property Executive<\/i> by an SL Green spokesperson indicates that the company\u2019s previous stake was 50.6 percent, making the acquisition worth about $783 million.<\/p>\n<p>The closing is expected in the second quarter. Callahan Capital Properties served as an advisor to Ivanho\u00e9 Cambridge.<\/p>\n<p>The two buildings,<a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/citi-extends-2-6-msf-lease-agreement-at-tribeca-towers-in-nyc\/\"> a 39-story office tower and an eight-story building with large trading floors, are fully triple-net leased to an affiliate of Citigroup Inc. through 2035, under an extension that was announced in December 2013<\/a>.<\/p>\n<p>The agreement with Citi includes an option for the company to acquire the properties during a window starting Dec. 1, 2017, and ending Dec. 31, 2020.<\/p>\n<p>SL Green and an affiliate of Ivanho\u00e9 Cambridge had acquired the property from Citi in late 2007 in a $1.58 billion, 15-year sale-leaseback.<\/p>\n<p>\u201cWe have enjoyed a successful partnership with Ivanho\u00e9 Cambridge at 388-390 Greenwich, capped by Citi\u2019s recent lease extension, which was one of the largest lease transactions ever executed in New York,\u201d SL Green president Andrew Mathias said in a release.<\/p>\n<p>Also Monday, SL Green announced that it had reached an agreement to sell its 43.74 percent interest in a 28-building Southern California office portfolio for $100 million. The buyer is an affiliate of SL Green\u2019s joint venture partner, Blackstone Real Estate Partners VII, which now will take full ownership.<\/p>\n<p>The portfolio, which totals 3.7 million square feet, is in various markets, including Los Angeles, Orange County and San Diego, and was originally part of a somewhat larger portfolio that SL Green acquired through foreclosure. SL Green restructured the approximately $750 million of in-place financing and recapitalized the portfolio through the JV with Blackstone.<\/p>\n<p>The portfolio\u2019s average occupancy as of the fourth quarter was 77.9 percent.<\/p>\n<p>SL Green reaped \u201ca significant gain\u201d from the sale and will \u201credeploy the proceeds back into New York City assets,\u201d David Schonbraun, SL Green\u2019s co-chief investment officer, said in a release.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SL Green Realty Corp. will acquire Ivanho\u00e9 Cambridge\u2019s stake in 388-390 Greenwich St. in Manhattan\u2019s TriBeCa, thus assuming full ownership of Citigroup Inc.\u2019s 2.6 million-square-foot headquarters in New York.<\/p>\n","protected":false},"author":882,"featured_media":1004092123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,1600,21742,10,21747],"tags":[],"class_list":["post-1004092121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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