Shearman & Sterling represented SL Green Realty Corp. in its $1.8 billion sale of 388-390 Greenwich Street to Citigroup Inc. The two combined buildings had been owned by the bank before it was sold to a partnership between SL Green and Ivanhoe Cambridge in 2007 for $1.6 billion, in a deal which included an option to buy the building back. The 2.7 million-square-foot office complex has been, and will continue to be, used as campus headquarters for Citigroup's divisions of Global Wealth Management and Global Trading. The sale represents one of the largest transactions closed in the New York real estate market in 2016 to date.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust that is focused on acquiring, managing and maximizing value of Manhattan commercial properties. SL Green’s portfolio consists of 67 office and retail properties across Manhattan, Brooklyn, Westchester, Connecticut and New Jersey.