NEW YORK - Citigroup Inc. has agreed to sell two downtown Manhattan office buildings to SL Green Realty Corp. for about $1.58 billion, the companies said.
Citigroup (nyse: C - news - people ) will lease back the adjacent buildings, which are home to Citigroup's investment bank, under a 13-year lease that calls for annual rental increases. The properties, located on Greenwich Street in Manhattan's Tribeca neighborhood, have about 2.6 million square feet of office space, SL Green said Monday
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Citigroup has been struggling to rebuild its depleted capital base amid mounting mortgage-related losses and some costly acquisitions.
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