Citibank Renews for 500K s/f

Citibank has renewed its nearly 500,000-square-foot office lease at 601 Lexington Avenue.

Merrill Lynch, a subsidiary of Bank of America that has an asset management office at the iconic slant-roofed skyscraper, also just renewed its lease at the property, for all of floors 46 and 47, which total about 60,000 square feet.

Citibank’s decision to renew at the property appears to be a sharp about-face from previous efforts to dispose of the space. During the economic downturn, several real estate executives familiar with the location said that Citibank had quietly made the real estate market aware that it was interested in divesting itself of the space. It never actually went through with efforts to shed block of offices however.
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Citibank Renews for 500K s/f