NEW YORK CITY—Citigroup has exercised its option to buy back 388-390 Greenwich St. from SL Green for $2 billion. Current owner SL Green, a REIT and the city’s largest office landlord, revealed the purchase Wednesday in its fourth quarter earnings announcement.

Citi is headquartered in the 2.6-million-square-foot property, which is triple-net leased an affiliate of Citigroup through 2035, under an extension that was announced in December 2013. The agreement with Citi includes an option for the banking concern to acquire the building during the period from December 1, 2017 through December 31, 2020.

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