Citi Buys Back Headquarters From SL Green For $2B
Citigroup is exercising its option to buy back its headquarters at 388-390 Greenwich St from SL Green Realty for $2B, the latest in a string of leasing deals recently announced by the REIT.
In 2006 Citi sold its 2.7M SF HQ to SL Green and Ivanhoé Cambridge for $1.6B, and renewed its lease in 2013, a deal that came with the buyback option, according to The Real Deal.
SL Green bought out Ivanhoé in 2014 for $783M to take full control of the property, which recently received a major makeover. [TRD]