Citigroup’s buy of its 2.7M SF HQ building in Tribeca is happening sooner than initially planned. The $2B purchase of 388-390 Greenwich St is on pace to close in June, current owner SL Green announced yesterday.
According to an agreement reached this past January, the sale had been scheduled to close in December 2017.
Citicorp will take a $94M hit in the form of a fee for the early termination of its lease.
SL Green, the city’s largest office landlord, is no stranger to 10-figure office building deals. The REIT broke the record for the most ever paid for a NYC office building when it picked up 11 Madison Ave for $2.6B last year. SL Green plans to use proceeds from the sale to pay down more than $1B of debt.
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