Friday, November 16, 2007

Citigroup Nearing $1.6 Billion Sale Leaseback of Manhattan Office Tower

New York Post - November 14, 2007

Shorenstein Co. is slicing through complicated negotiations to sign a $1.6 billion contract to purchase 388 and 390 Greenwich St. from Citigroup, sources say. As we advised last week, Shorenstein was leading the pack of bidders for what would be one of the largest deals this year. Citi will be leasing back a chunk of the building for the next 15 years.

Shorenstein, which has investments in 125 Park Ave. and the Starrett-Lehigh Building on West 26th Street, declined to comment, as did Cushman & Wakefield's capital markets group, which has been leading the marketing efforts for Citi. Sphere: Related Content

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