SL Green Nabs 388-390 Greenwich for $1.575 B.

Eliot Brown — Mon, 03 Dec 2007 20:36:14 -0400

SL Green, the city's largest office landlord, has agreed to buy Citigroup's two towers at 388-390 Greenwich Street for over $1.575 billion.

SL Green CEO Marc Holliday announced today during the public company’s investor conference that SL Green, in a partnership with the real estate firm SITQ, had gone to contract on two buildings in Lower Manhattan totaling 2.6 million square feet--the size of 388-390 Greenwich. That means the landlord paid about $600 a square foot, a relative bargain by today's Manhattan standards. (Reuters reported earlier today that the buildings mentioned by Mr. Holliday were indeed the Greenwich Street towers.)

The deal is part of Citigroup’s broader efforts to sell its real estate holdings, though the investment giant retained a lease on all of the office space in the towers.

The investment sales team at Cushman & Wakefield represented Citigroup.

The Observer will have more on the sale in Wednesday's paper.

Observer » SL Green Nabs 388-390 Greenwich for $1.575 B.

SL Green Nabs 388-390 Greenwich for $1.575 B.