399 Park Avenue
|399 Park Avenue|
399 and Citigroup Center from the west
|Top floor||160 m / 524 ft|
|Floor area||1,700,000 square feet (160,000 m2)|
|Design and construction|
|Architect||Carson Lundin, Kahn and Jacobs|
|Developer||First National Bank|
Citigroup's chairman and chief executive officer operate from the building's second floor. The company moved to the building from 55 Wall Street; a move that marked a migration of several large banks from downtown to midtown Manhattan.
The building lot was assembled by Vincent Astor who initially planned to build a 46-story Astor Plaza on the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out.
In 1974, the company opened the Citigroup Center annex across Lexington to the east.
In 1987, Citigroup sold one third interest in the building along with two-thirds interest in Citigroup Center to Dai-Ichi Mutual Life Insurance Company for $670 million. At the time, Citigroup said it was moving many of its offices to a new tower in Long Island City in Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.
Citigroup later bought back its interest in the building.
In 2002, Boston Properties bought the building for $1.06 billion, or $630 square foot, which was the highest price ever paid for an office building at the time. Boston also bought Citigroup Center. Citigroup now leases its headquarters from Boston Properties.
Citigroup's current lease on the building is set to expire in 2017. Speculation has already started on where the company will relocate its headquarters. Current favorites include the as yet unbuilt 2 World Trade Center in Lower Manhattan and the Hudson Yards regeneration scheme.
- Avenue Capital Group
- Eton Park Capital Management
- Moelis & Company
- PineBridge Investments
- Berg, Eric N. (1987-10-03). "Citicorp Selling Part Offers Headquarter". New York Times. Retrieved 2009-09-04.
- Levitt,, D M. "Citigroup Said to Explore Office Lease at World Trade Cente". Businessweek. Retrieved 15 October 2013.
- "Citigroup eyes HQ spots as clock ticks on Park Ave lease". The Real Deal (website). Retrieved 15 October 2013.
- Cuozzo, Steve (October 27, 2009). "Boston forgives & forgets". New York Post.
- Citibank Renews 500,000 SF Lease
- Company Overview of Eton Park Capital Management, L.P.
- Ken Moelis’ Newish I-Bank Signs Robust Lease at Mort Zuckerman’s 399 Park
- Former AIG Branch Moving HQ to 399 Park Ave.
- Boston Properties Woos Studley to 399 Park for New HQ