NEW YORK CITY-Boston Properties President Doug Linde said there is “no doubt” that Citigroup will be relocating out of its headquarters space at 399 Park Ave.
Linde said that Citigroup is planning to leave Boston Properties' building once it lease expires in 2017. Linde reported Citigroup's intentions during an earnings conference call on Wednesday, according to Bloomberg News.
Citigroup leases approximately 500,000 square feet at the tower, including 350,000 of office space the building owner now expects it will get back sometime in 2017, he said. The lease also includes retail and concourse space.
“That headquarters requirement has hardly been used on a relevant basis in terms of the efficiency of the space for them for a number of years,” Linde said. “And much of that has been sublet.”
Shannon Bell, a Citigroup spokeswoman, said the bank would not comment on Linde's statements. See story at Bloomberg News.
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