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399 Park Ave. May be a 41-story office block that’s the globe headquarters of Citigroup in big apple town, u. S.. Citigroup’s chairman and chief officer operate from the building’s second floor. The corporate moved to the building from fifty five Wall Street; a move that marked a migration of many massive banks from downtown to midtown Manhattan. It occupies the whole block between Park Ave. And Lexington Avenue and 53rd Street and 54th Street.
The building ton was assembled by Vincent Astor UN agency ab initio planned to create a 46-story Astor Plaza on the positioning. Astor had issues finishing the assembly of the ample largely residential buildings as a pharmacy command out. In 1974, the corporate opened the Citigroup Center annex across Lexington to the east. In 1987, Citigroup sold-out one third interest within the building at the side of common fraction interest in Citigroup Center to Dai-Ichi Mutual insurance Company for $670 million. At The Time, Citigroup same it had been moving several of its offices to a brand new tower in island town in Queens. Citigroup bumped off of the highest 2 thirds of the building however unbroken the lower floors.
Citigroup later bought back its interest within the building. In 2002, state capital Properties bought the building for $1.06 billion, or $630 sq ft, that was the very best worth ever bought associate degree office block at the time. State capital conjointly bought Citigroup Center. Citigroup currently leases its headquarters from state capital Properties. Citigroup’s current lease on the building is ready to expire in 2017. In December 2013, Citigroup proclaimed it’ll relocate its international headquarters to 388 and 390 Greenwich Street in Tribeca, a fancy it presently occupies and had in hand till 2007, once it sold-out the building to FTO inexperienced holding.
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