399 Park Avenue

399 Park Avenue
399 Park Avenue from the ground; 601 Lexington Avenue is at right.
General information
Status Complete
Type Office
Coordinates 40°45′33″N 73°58′18″W / 40.759184°N 73.971763°W / 40.759184; -73.971763
Completed 1961
Owner Boston Properties
Height
Top floor 160 metres (520 ft)
Technical details
Floor count 41
Floor area 1,700,000 square feet (160,000 m2)
Design and construction
Architect Carson Lundin, Kahn and Jacobs
Developer First National Bank

399 Park Avenue is a 41-story office building that from 1961 to 2015 was the world headquarters of Citigroup in Manhattan, New York City. The company moved into the building from 55 Wall Street in 1961, and from there to 388 Greenwich Street in 2015.[1]

399 Park Avenue occupies the entire block between Park Avenue and Lexington Avenue and 53rd Street and 54th Street. The building lot was assembled by Vincent Astor who initially planned to build a 46-story Astor Plaza on the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out.

In 1974, the company opened the Citigroup Center annex across Lexington to the east. In 1987, Citigroup sold one third of its interest in the building along with two-thirds of its interest in Citigroup Center to Dai-Ichi Mutual Life Insurance Company for $670 million. At the time, Citigroup said it was moving many of its offices to a new tower in Long Island City in Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.[2] Citigroup later bought back its interest in the building.

In 2002, Boston Properties bought the building for $1.06 billion, or $630 square foot, which was the highest price ever paid for an office building at the time. Boston also bought Citigroup Center. Citigroup leased its headquarters from Boston Properties. Citigroup's current lease on the building is set to expire in 2017. In December 2013, Citigroup announced it will relocate its global headquarters to 388 and 390 Greenwich Street in Tribeca, a complex it currently occupies and had owned until 2007, when it sold the building to SL Green Realty and now owns again since 2016.

Tenants

References

  1. ↑ Dailey, Jessica (2015-03-31). "Citigroup Plans Glassy Makeover for New Greenwich Street HQ". Curbed NY. Retrieved 2016-09-21.
  2. ↑ Berg, Eric N. (1987-10-03). "Citicorp Selling Part Offers Headquarter". The New York Times. Retrieved 2009-09-04.
  3. ↑ Cuozzo, Steve (October 27, 2009). "Boston forgives & forgets". New York Post.
  4. ↑ Citibank Renews 500,000 SF Lease
  5. ↑ Ken Moelis' Newish I-Bank Signs Robust Lease at Mort Zuckerman's 399 Park
  6. ↑ Former AIG Branch Moving HQ to 399 Park Ave.
  7. ↑ Boston Properties Woos Studley to 399 Park for New HQ
  8. ↑ http://www.northstarsecurities.com/
  9. ↑ "Insurer renews, expands to 211K sf on Park Avenue" by Rich Brockmann, therealdeal.com, August 5, 2016
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