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Thursday, December 19, 2013

Citi to move NYC headquarters to lower Manhattan -report, (NYSE: C)

Citigroup Inc will relocate its global headquarters to lower Manhattan as part of a $1 billion lease and renovation deal, Crain's New York Business reported on Thursday. 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, which had competed for months to hold onto Citi as a tenant. Combined, 388 and 390 Greenwich Street is the largest single property that SL Green owns, Crain's said.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.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.15% or $-0.08/share to $51.88. In the past year, the shares have traded as low as $38.50 and as high as $53.68. On average, 23091100 shares of C exchange hands on a given day and today's volume is recorded at 20155210.