You will be redirected in 15 seconds, or continue now.

Close Stay up-to-date with
Observer.com Newsletters
Sign up for Observer Newsletters!
RSS Feed
The New York Observer

SL Green Benefits as Tenant Citigroup Nabs Bailout

View Story On One Page View Story On One Page Print This Story Print This Story Share This Story Share This Story
November 25, 2008 | 11:53 a.m.

From Crain's: "SL Green Realty Corp. shares soared more than 40% on Monday after the government agreed to bail out its largest tenant, Citigroup Inc. Last week, shares of the real estate investment trust plunged 59% to $11.36 a share on fears that Citigroup might file for bankruptcy. Citi leases 4.8 million square feet in SL Green’s buildings—about 20% of its total space in Manhattan—and accounts for 9.5% of the company’s rental income. Last year, SL Green purchased two downtown office towers from Citigroup for about $1.6 billion. Citi now rents the buildings, which have about 2.6 million square feet of space, back from SL Green under a 13-year lease."

More on that $1.575 billion towers buy here.

Post a Comment The Discussion