X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-As the financial services giant reportedly is making moves out of one area of the city, it signs a renewal for 87,444 sf in Midtown. The 12-year deal has a value of $57 million. According to a published report, the company intends to move 1,000 back office employees out of Lower Manhattan and place them in Morris County, New Jersey.

Its consumers banking unit for one is staying right where it is at the Citicorp Center at 153 East 53rd St. Citibank NA., which was represented by the Staubach Co.’s managing principal Patrick Robinson and director James Wenk, signed renewals for the 25th and 23rd floor. Frank Doyle, managing director of Jones Lang LaSalle, represented landlord Boston Properties in the leasing transaction. Robinson says the company had a lot of spots in the city to choose from for its consumer unit. “In the end, it decided its needs were best served by remaining at Citicorp Center.”

According to a Cushman and Wakefield second-quarter market report, the Downtown market is picking up with particular interest being shown from law firms making deals in the area. CB Richard Ellis statistics note that 2.5 million sf of leasing so far this year have outpaced 2003 mid-year showing of 2.4 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.