Select Page

Citigroup Headquarters Façade Renovation Rendering[/caption] 388 Greenwich Street, originally called the Shearson Lehman Plaza, and more recently the Travelers Building, is a skyscraper which forms a complex with the neighboring 10-story 390 Greenwich Street near the Hudson River. The property faces N. Moore and West Streets, in the TriBeCa neighborhood of Manhattan. In December 2007, 388 Greenwich Street and 390 Greenwich Street were sold by Citigroup in order to reduce real estate exposure on its balance sheet. The complex was acquired by a partnership between SL Green and Ivanhoé Cambridge, a unit of the Société immobilière Trans-Québec (SITQ), for $ 1.58 Billion. SL Green subsequently bought out SITQ’s stake in the property. Citigroup, however, maintained their primary presence in the complex through a 15-year leaseback arrangement. SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2015, SL Green held interests in 121 Manhattan buildings totaling 48.3 million square feet. This included ownership interests in 30.5 million square feet of commercial buildings and debt and preferred equity investments secured by 17.8 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 33 suburban buildings totaling 5.1 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.]]>