SL Green To Grab $1.6B Ownership In Citigroup HQ

Law360, New York (March 3, 2014, 1:51 PM EST) -- SL Green Realty Corp. said Monday that it plans to acquire Ivanhoe Cambridge's stake in 388-390 Greenwich St. in New York City where the parties recently convinced Citigroup Inc. to relocate its headquarters, giving SL Green a consolidated investment interest in the building worth $1.6 billion.

The deal, which will give SL Green full ownership of the 2.6-million-square-foot building in the Tribeca neighborhood, is expected to close in the second quarter.

The deal comes after SL Green and Ivanhoe Cambridge persuaded Citigroup to transfer its headquarters...
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