Office property owner SL Green Realty Corp has reached an agreement to buy Citigroup Inc's downtown office complex for $1.575 billion, a source familiar with the deal said on Monday, underscoring the health of the Manhattan property market, despite turmoil in the lending markets.
Canadian real estate investment firm SITQ also will take a 47.5 percent stake in the complex at 388-390 Greenwich St. when it closes later this month, said SL Green, which will retain a 52.5 percent stake.
The two buildings total 2.6 million square foot, translating the deal's price to $598 per square foot, SL Green said.
New York City 2010
