{"id":1004135953,"date":"2016-01-29T09:10:04","date_gmt":"2016-01-29T17:10:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135953"},"modified":"2021-05-15T06:52:18","modified_gmt":"2021-05-15T14:52:18","slug":"citigroup-takes-back-tribeca-hq-for-2b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/citigroup-takes-back-tribeca-hq-for-2b\/","title":{"rendered":"Citigroup Takes Back Tribeca HQ for $2B"},"content":{"rendered":"<p>By Samantha Goldberg, Associate Editor<\/p>\n<div id=\"attachment_1004135967\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Citi-Greenwich-facade-rendering.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004135967\" data-attachment-id=\"1004135967\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/citigroup-takes-back-tribeca-hq-for-2b\/citi-greenwich-facade-rendering-420x236\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Citi-Greenwich-facade-rendering-420x236.png\" data-orig-size=\"420,236\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Citi-Greenwich-facade-rendering-420&#215;236\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;A rendering of renovation planned for 388-390 Greenwich St. (Courtesy of Tribeca Citizen)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Citi-Greenwich-facade-rendering-420x236.png?w=420\" loading=\"lazy\" class=\"size-medium wp-image-1004135967\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Citi-Greenwich-facade-rendering.png\" alt=\"A rendering of renovation planned for 388-390 Greenwich St. (Courtesy of Tribeca Citizen)\" width=\"300\" height=\"169\" \/><\/a><p id=\"caption-attachment-1004135967\" class=\"wp-caption-text\">A rendering of renovation planned for 388-390 Greenwich St. (Courtesy of Tribeca Citizen)<\/p><\/div>\n<p>Nearly a decade after selling its Downtown Manhattan headquarters, <a href=\"https:\/\/www.citigroup.com\/citi\/\" target=\"_blank\" rel=\"nofollow noopener\">Citigroup<\/a>\u00a0is coming full circle. The financial services giant\u00a0plans to buy back\u00a0388-390 Greenwich St. from New York City&#8217;s largest office landlord,\u00a0<a href=\"https:\/\/slgreen.com\/\" target=\"_blank\" rel=\"nofollow noopener\">SL Green<\/a>, in a $2 billion deal, as part of a previous agreement with the landlord. The company announced the\u00a0purchase, which it expects to\u00a0complete in December 2017, on Wednesday Jan. 27, in its fourth-quarter earnings statement. <a href=\"https:\/\/www.friedfrank.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Fried Frank<\/a> will be the legal advisor to Citigroup in the transaction.<\/p>\n<p>The transaction seems to be a money-saving move, according to the Wall Street Journal, as the company\u00a0is looking to consolidate in Downtown Manhattan.<\/p>\n<p>The 2.6 million-square-foot property is triple-net leased to an affiliate of Citigroup through 2035, as part of a $1 billion deal\u00a0in\u00a0December 2013 that allowed Citi to\u00a0extend its lease by at least 15 years at the two properties when it expires in 2020. Citi also agreed\u00a0to move its global headquarters from 399 Park Ave., where it had been based for decades, to the Downtown Manhattan\u00a0location.\u00a0The agreement included\u00a0the\u00a0option for Citi\u00a0to\u00a0acquire 388-390 Greenwich Street from Dec. 1, 2017 through Dec. 31, 2020, which the company has now exercised. The 2013\u00a0deal was\u00a0a major win for SL Green as well, as\u00a0388-390 Greenwich Street was the largest single property that the company owned at that time. Fried Frank also represented Citi in the 2013 transaction.<\/p>\n<p>As part of its move to Greenwich Street, Citi has plans for major renovations to the buildings, including integrating the two buildings into one with a curtain-walled makeover and a single lobby &#8220;town square,&#8221; a rooftop terrace, new cafeteria and a fitness center, according to a March 2015 report from the Tribeca Citizen based on a Citi employee memo. These renovations seem to be underway as\u00a0Fried Frank announced that they will\u00a0also represent Citigroup on &#8220;land use matters related to a major renovation of the buildings being undertaken by the bank.&#8221; The Citi memo also stated that renovations are expected to be complete in 2019 and the building will be LEED certified.<\/p>\n<p>The property was originally acquired in late 2007 by SL Green and an affiliate of <a href=\"https:\/\/www.ivanhoecambridge.com\/en\" target=\"_blank\" rel=\"nofollow noopener\">Ivanhoe Cambridge<\/a>. In March 2014,\u00a0SL Green became the property landlord when it boosted its 51 percent stake in the property and bought Ivanhoe&#8217;s 49 percent stake. The office tower was valued at $1.6 billion at the time of the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading global bank has announced it&#8217;ll be buying back its Tribeca headquarters from SL Green for $2 billion, with major renovations planned for the two-building property. <\/p>\n","protected":false},"author":1242,"featured_media":1004135967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,1600,21742,10,21747],"tags":[],"class_list":["post-1004135953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Citigroup Takes Back Tribeca HQ for $2B - 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