Citigroup to consolidate New York operations

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Citigroup is close to an agreement to consolidate its New York operations in a Tribeca office complex majority-owned by SL Green Realty, according to three people with knowledge of the talks.

Bloomberg reports that the bank had narrowed its choices down to the yet-to-be-built 2 World Trade Center or 388 and 390 Greenwich St., two buildings it sold to SL Green in 2007 and leased back, said two of the people, who asked not to be identified because the talks are private.

Citigroup executives decided last week they would continue negotiating with only SL Green, the people said.

As part of its decision, Citigroup may vacate 111 Wall St., a 25-story tower near the East River that was damaged by Hurricane Sandy, one of the people said. The bank leases the building, according to New York City property records. Citigroup also may move some employees to the Tribeca complex from 399 Park Ave., its headquarters, and 601 Lexington Ave., the skyscraper formerly known as Citigroup Center, the person said.

To access the complete Bloomberg article hit the link below:

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