Thursday, May 05, 2005

Citicorp Building No longer Citicorp Building

Citibank Building
Originally uploaded by jggrossm.
This morning the New York Times reported that The Citicorp building was sold. Wowza!

QUEENS: OFFICE TOWER SOLD Citigroup, which announced last summer that it would move 1,600 jobs from Manhattan to New Jersey, has sold its 50-story office building in Long Island City. The company will maintain a 15-year lease on the building, One Court Square, which dominates the western Queens skyline. The 1.4-million-square-foot building was sold to Reckson Associates Realty Corporation, which controls 90 properties in New York, New Jersey and Connecticut. A Reckson official said the company believes that Long Island City will benefit from the success of Manhattan's office space market, which has one of the lowest rates of vacancy in the country. Citigroup officials have said that even though they are moving some technical jobs out of New York, the company intends to add more workers over the next several years. Last year, Citigroup announced plans to build another office tower across the street from One Court Square. (NYT)

More info from buyer.