Retrade Alert! Toyota Renegotiates Lease at Citigroup Center

In yet another sign of the crappy economic times, Toyota has succeeded in renegotiating its lease at Citigroup Center, scoring a deal a full 10 percent cheaper than the original one, according to Crains’ New York Business:

After going back to its new landlord and asking for better lease terms, Toyota just inked a 10-year deal for 30,000 square feet at the Citigroup Center at rents around 10% lower than the original agreement, sources said. It is one of the first major deals to be signed as tenants and landlords scramble to come up with mutually acceptable solutions.

The automaker agreed to pay about $140 a square foot for the first five years of the deal to lease the entire 49th floor and $150 a square foot for the second five years. It was originally slated to pay between $160 and $170 a square foot to move onto the entire 55th floor at the Citigroup Center, at 153 E. 53rd St.

The automaker is currently located at 9 W. 57th St. Jones Lang LaSalle represented both the landlord, Boston Properties, and the tenant.

Retrade Alert! Toyota Renegotiates Lease at Citigroup Center