Crain's New York - September 28, 2007
Citigroup Inc. is looking for a buyer for the former Travelers Group headquarters in lower Manhattan, which could fetch up to $1.8 billion, as part of a larger effort to reduce its real estate holdings. The Wall Street firm plans to lease back the space under a 13-to-15-year lease with 30-plus years of renewal options, said a Citi spokesoman.
The 40-story tower, comprising about 2.7 million square feet, is located about 10 blocks north of the World Trade Center site at 388 Greenwich St. It is being co-marketed with an adjacent 10-story property at 390 Greenwich St. Cushman & Wakefield is acting as the broker and Citis’ global markets unit is advising the company.
The leaseback strategy isn’t new for Citi. Over the past two years, the company has been trimming its real estate holdings, selling office buildings at 333 West 34th St. and 250 West St. Citi has leased back space in both properties.
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