SL Green Benefits as Tenant Citigroup Nabs Bailout

From Crain’s: “SL Green Realty Corp. shares soared more than 40% on Monday after the government agreed to bail out its largest tenant, Citigroup Inc. Last week, shares of the real estate investment trust plunged 59% to $11.36 a share on fears that Citigroup might file for bankruptcy. Citi leases 4.8 million square feet in SL Green’s buildings—about 20% of its total space in Manhattan—and accounts for 9.5% of the company’s rental income. Last year, SL Green purchased two downtown office towers from Citigroup for about $1.6 billion. Citi now rents the buildings, which have about 2.6 million square feet of space, back from SL Green under a 13-year lease.”

More on that $1.575 billion towers buy here.

SL Green Benefits as Tenant Citigroup Nabs Bailout