News
National Office

SL Green Unloading CitiCorp HQ For $2B Sooner Than Planned

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy