399 Park Avenue
|399 Park Avenue|
399 Park Avenue from the ground; Citigroup Center is at right.
|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|
399 Park Avenue is a 41-story office building that is the world headquarters of Citigroup in Manhattan, New York City. 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 lower to midtown Manhattan. It occupies the entire block between Park Avenue and Lexington Avenue and 53rd Street and 54th Street. 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 of its interest in the building along with two-thirds of its 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. In December 2013, Citigroup announced it will relocate its global headquarters to 388 and 390 Greenwich Street in Tribeca, a complex it currently occupies and had owned until 2007, when it sold the building to SL Green Realty.
- Avenue Capital Group
- Eton Park Capital Management
- Moelis & Company
- PineBridge Investments
- Northstar REIT
- Cyrus Capital Partners
- Berg, Eric N. (1987-10-03). "Citicorp Selling Part Offers Headquarter". New York Times. Retrieved 2009-09-04.
- 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