SL Green Realty To Acquire Ivanhoe Cambridge's Stake In 388-390 Greenwich Street

(RTTNews) - SL Green Realty Corp. (SLG) Monday announced an agreement to acquire Ivanhoe Cambridge's stake in 388-390 Greenwich Street, thus assuming full ownership of Citigroup Inc.'s headquarters 2.6 million square foot property located in Tribeca. The transaction values the consolidated investment interest at $1.585 billion.

Callahan Capital Properties served as an advisor to Ivanhoe Cambridge for this transaction. Closing is expected to occur during the second quarter of 2014.

According to the company, 388 Greenwich is a 39-story tower with highly efficient floors and sweeping, unobstructed views. 390 Greenwich is an eight-story building featuring 94,000 square foot floors that are considered some of the finest trading floors in Manhattan, the firm noted.

The combined property is triple-net leased to an affiliate of Citigroup Inc. through 2035, under an extension announced in December 2013. The agreement with Citi includes an option for Citi to acquire the properties during the period from December 1, 2017 through December 31, 2020.

SL Green and an affiliate of Ivanhoe Cambridge together acquired the property in late 2007.