SL Green Closes on $1.57 B. Buy of 388-390 Greenwich Street

SL Green, the city’s largest office landlord, announced on Wednesday that it had closed on its $1.575 billion purchase of the two-tower office complex at 388-390 Greenwich Street. Citigroup, the seller in the deal, occupies the 2.6 million-square-foot towers completely and will remain there under a 13-year lease. The Canadian investment firm SITQ was a minority partner in the purchase.

The Observer broke the news of the deal earlier this month. We cited it as part of SL Green CEO Marc Holliday’s emerging strategy to shed more of the firm’s traditional Class B properties in favor of more trophy Class A ones like 388-390 Greenwich.