(Reuters) - Citigroup Inc
According to Crain's, the bank would move from 399 Park Avenue in New York City, where it has been based for decades, to Greenwich Street, where Citigroup signed a more than $1 billion deal to renew its lease plus gut and renovate a twin-building complex that it already occupies at 388 and 390 Greenwich Street.
The deal is a major victory for landlord SL Green
SL Green confirmed the lease extension in a press release, while Citigroup declined to comment.
As per the agreement, Citi has the option to extend its 2.7 million-square-foot lease by at least 15 years at the two properties when it expires in 2020 or exercise a right to acquire the buildings for around $2 billion, Crain's reported.
Citi is expected to undertake a makeover of the interior spaces and possibly a remake of the exterior with a new skin of glass of the two properties, which were built in the 1990s, Crain's said. (http://link.reuters.com/syw55v)
Citi was represented in the deal by a leasing team from CBRE Group Inc and by a legal team from the law firm Fried Frank.
(Reporting by Varun Aggarwal in Bangalore; Editing by Bob Burgdorfer)