Office skyscraper in Manhattan, New York
399 Park Avenue is a 41-story office building that occupies the entire block between
Park Avenue and
Lexington Avenue and
53rd Street and
54th Street in
Midtown Manhattan ,
New York City . The building was the world headquarters of
Citigroup from 1961, when it moved from
55 Wall Street , until 2015, when the company moved to
388 Greenwich Street .
[1]
History
The building lot was assembled by
Vincent Astor who initially planned to build a 46-story Astor Plaza on the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out. In 1974, the company opened the
Citigroup Center annex across Lexington to the east. In 1987, Citigroup sold one third of its interest in the building along with two-thirds of its interest in Citigroup Center to
Dai-Ichi Mutual Life Insurance Company for $670 million. At the time, Citigroup said it was moving many of its offices to
One Court Square in
Long Island City , Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.
[2] Citigroup later bought back its interest in the building.
In 2002, Boston Properties bought the building for $1.06 billion beating out other bidders including
Brookfield Properties ,
Equity Office Properties ,
Vornado Realty Trust ,
RFR Holdings , and the Paramount Group.
[3] Boston Properties paid over $630 per square foot, which was the highest price ever paid for an office building at the time. Boston also bought the nearby
Citigroup Center . Citigroup then leased its headquarters from Boston Properties through 2017. After the
September 11 attacks damaged much of their headquarters at
Brookfield Place ,
Lehman Brothers leased 400,000 square feet (37,000 m2 ) in the building until
their 2008 bankruptcy .
[4] Other former tenants included law firms Caplin & Drysdale, which moved to 600 Lexington Avenue and
Wilmer Cutler Pickering Hale and Dorr , which moved to
7 World Trade Center .
[5]
[6]
In December 2013, Citigroup announced it would relocate its global headquarters to
388 and 390 Greenwich Street in Tribeca , a complex it had purchased from
SL Green Realty in 2016.
Tenants
Avenue Capital Group
Brigade Capital Management , 37,430 square feet (3,477 m2 ) on 15th and 16th floors
[7]
BentallGreenOak
Blue Owl
[8]
Citigroup
[9]
Colony NorthStar
[10]
Cyrus Capital Partners
C. V. Starr & Co. , 211,000 square feet (19,600 m2 )
[11]
Jordan Company , 25,000 square feet (2,300 m2 )
[12]
Lexington Partners , 48,000 square feet (4,500 m2 ) on 20th and 21st floors
[13]
Millennium Management, LLC , 300,000 square feet (28,000 m2 )
[14]
Moelis & Company
[15]
Peterson Management, 40,000 square feet (3,700 m2 )
[16]
PineBridge Investments
[17]
Robins Kaplan LLP , 38,000 square feet (3,500 m2 )
[18]
Savills , 91,000 square feet (8,500 m2 ) on 11th and 5th floor
[19]
References
^ Dailey, Jessica (March 31, 2015).
"Citigroup Plans Glassy Makeover for New Greenwich Street HQ" . Curbed NY . Retrieved September 21, 2016 .
^ Berg, Eric N. (October 3, 1987).
"Citicorp Selling Part Offers Headquarter" . The New York Times . Retrieved September 4, 2009 .
^ Weiss, Lois (August 29, 2002).
"MORT MAKES $1.5B TOP BID FOR 399 PARK AVE" . New York Post .
^ Cuozzo, Steve (October 13, 2009).
"Boston plays lease hardball" . New York Post .
^ Slade, Margot (October 29, 1993).
"Small Firms Flock to Big-Time Street" . New York Times .
^
"WilmerHale Moves to State-of-the-Art, LEED-Certified Offices at 7 World Trade Center" . WilmerHale. July 16, 2012.
^ Baird-Remba, Rebecca (January 31, 2019).
"Private Equity Firm Renews at Boston Properties' 399 Park" . Commercial Observer .
^ Hallum, Mark (September 14, 2022).
"Blue Owl Capital Inks 138K-SF Lease in Seagram Building" . Commercial Observer . Retrieved October 17, 2022 .
^ Geiger, Daniel (May 11, 2012).
"Citibank Renews 500,000 SF Lease" . Commercial Observer .
^
"NorthStar Securities" . Archived from
the original on July 15, 2015. Retrieved July 15, 2015 .
^ Bockmann, Rich (August 5, 2016).
"Insurer renews, expands to 211K sf on Park Avenue" . The Real Deal .
^ Geiger, Daniel (August 9, 2012).
"The Jordan Company Completes 399 Park Lease" . Commercial Observer .
^ Rizzi, Nicholas (February 12, 2020).
"Private Equity Fund Moving to 48K SF at 399 Park Avenue" . Commercial Observer .
^
"Asset Manager Millennium Management Nabs 300K SF at 399 Park Avenue" . Commercial Observer . December 26, 2018.
^ Rubinstein, Dana (August 24, 2009).
"Ken Moelis' Newish I-Bank Signs Robust Lease at Mort Zuckerman's 399 Park" . New York Observer .
^ Baird-Remba, Rebecca (November 6, 2017).
"Wealth Management Firm of Blackstone Co-Founder Moves Within Midtown" . Commercial Observer .
^
"Former AIG Branch Moving HQ to 399 Park Ave" .
^ Cullen, Terence (February 24, 2017).
"Robins Kaplan Signs Sublease at Boston Properties' 399 Park Avenue" . Commercial Observer .
^ Geminder, Emily (October 13, 2009).
"Boston Properties Woos Studley to 399 Park for New HQ" . New York Observer .
Buildings
West of 5th Av
East of 5th Av Former
Other points of interest
Restaurants/ nightlife Museums/ cultural centers Stores Clubhouses Clubhouses (former) Green spaces Educational institutions Art galleries
Transportation
Subway stations Railroad stations Streets and intersections