SL Green acquires partner’s interest in NYC property

SL Green Realty Corp. has completed its purchase of a 49.4 percent interest in the Citigroup headquarters building in Manhattan from its joint venture partner. The acquisition valued the building at $1.58 billion, or $598 per square foot. The seller was Ivanhoé Cambridge. Callahan Capital Properties advised Ivanhoé Cambridge, and Eastdil Secured also represented the seller.

The Citigroup property is located at 388–390 Greenwich St. It consists of two buildings; one is 39 stories and the other eight stories.

Citigroup, with joint venture partners Bank of China, Wells Fargo and Barclays Bank, financed a $996.1 million first mortgage for the 2.6 million-square-foot office property. The two buildings are fully triple-net leased