Citigroup Extends 2.6 Million Square Foot Lease

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Citigroup Inc. has signed an agreement to extend its large 2.6 million square foot lease with New York's largest office landlord, SL Green Realty Corp., and its partner Ivanhoé Cambridge.

The lease at 388-390 Greenwich Street will run through December 31, 2035, according to an announcement. Financial terms were not disclosed.

The agreement includes an option for Citi to acquire the properties during the period from December 1, 2017 to December 31, 2020.

The deal includes office space in the 39-story tower 388 Greenwich as well as 390 Greenwich -- an eight-story building featuring 94,000 square feet floors.

SL Green Realty is the only REIT that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties, according to a company statement. 

As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet.