Jones Lang LaSalle
DJ Citigroup Looks To Sell Manhattan Office Building
By David Enrich
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Citigroup Inc. (C) is looking to sell a downtown Manhattan office building and may move some of the staff in that building, located at 250 West St., across the Hudson River to Jersey City, N.J.
"We're looking at a number of options," said Citigroup spokeswoman Shannon Bell.
More than 1,500 Citigroup employees - primarily support staff in its investment-banking and brokerage divisions - work in the 11-story building and occupy more than 300,000 square feet of space, according to Colliers ABR Inc., a New York commercial real-estate services firm.
The building, which overlooks the Hudson River near Manhattan's TriBeCa neighborhood, is one of several where Citigroup has space in the downtown area.
Citigroup purchased the 250 West building for $28.8 million in 1994, according to Colliers ABR.
Real estate in downtown Manhattan is among the most expensive in the world, and Citigroup wouldn't be the first bank in recent years to move back-office employees into cheaper properties in Jersey City, Brooklyn or elsewhere in the New York area.
Some Citigroup employees from 250 West are likely to be relocated to the Equitable Building, at 787 Seventh Ave. in midtown Manhattan, where Citigroup's wealth management unit is leasing space, according to a person familiar with the matter.
Other workers may be bound for Jersey City. Crain's New York Business reported Monday that Citigroup is negotiating to sublease 370,000 square feet in a 32-story Jersey City building, at 480 Washington Blvd., owned by UBS AG (UBS). A UBS spokesman declined to comment.
Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and JPMorgan Chase & Co.
(JPM) all have shipped some back-office employees to Jersey City, which boasts relatively cheap rents and a nice view of the Manhattan skyline.
Banks like JPMorgan have said they are looking to make more efficient use of their real estate holdings. JPMorgan executives say one possibility is to move some functions out of Manhattan and to places like Brooklyn and Jersey City, and selling or leasing the real estate that gets freed up.
DJ Citigroup Looks To Sell Manhattan Office Building
By David Enrich
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Citigroup Inc. (C) is looking to sell a downtown Manhattan office building and may move some of the staff in that building, located at 250 West St., across the Hudson River to Jersey City, N.J.
"We're looking at a number of options," said Citigroup spokeswoman Shannon Bell.
More than 1,500 Citigroup employees - primarily support staff in its investment-banking and brokerage divisions - work in the 11-story building and occupy more than 300,000 square feet of space, according to Colliers ABR Inc., a New York commercial real-estate services firm.
The building, which overlooks the Hudson River near Manhattan's TriBeCa neighborhood, is one of several where Citigroup has space in the downtown area.
Citigroup purchased the 250 West building for $28.8 million in 1994, according to Colliers ABR.
Real estate in downtown Manhattan is among the most expensive in the world, and Citigroup wouldn't be the first bank in recent years to move back-office employees into cheaper properties in Jersey City, Brooklyn or elsewhere in the New York area.
Some Citigroup employees from 250 West are likely to be relocated to the Equitable Building, at 787 Seventh Ave. in midtown Manhattan, where Citigroup's wealth management unit is leasing space, according to a person familiar with the matter.
Other workers may be bound for Jersey City. Crain's New York Business reported Monday that Citigroup is negotiating to sublease 370,000 square feet in a 32-story Jersey City building, at 480 Washington Blvd., owned by UBS AG (UBS). A UBS spokesman declined to comment.
Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and JPMorgan Chase & Co.
(JPM) all have shipped some back-office employees to Jersey City, which boasts relatively cheap rents and a nice view of the Manhattan skyline.
Banks like JPMorgan have said they are looking to make more efficient use of their real estate holdings. JPMorgan executives say one possibility is to move some functions out of Manhattan and to places like Brooklyn and Jersey City, and selling or leasing the real estate that gets freed up.
posted by Jones Lang LaSalle NJ News Blog at 11:07 AM
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