In early 2015, renderings were revealed of the planned renovations at Citigroup’s headquarters at 388-390 Greenwich Street, in TriBeCa, and now the company is in contract to acquire the the 39-story, 2.7-million square-foot office complex. According to Real Estate Weekly, Citigroup will purchase the properties from SL Green Realty Corp. for $2 billion. The renovations include connecting the tower portion at 388 Greenwich to the 10-story structure at 390 Greenwich. The transformation will include a new façade on large portions of the existing buildings, a single lobby that serves both sections, plaza renovations, a rooftop terrace, and amenities like a fitness center. The sale is expected to close in December of 2017 and renovations should be complete by 2019.
Alloy Development has acquired the vacant 4,100 square-foot parcel at 431 Carroll Street, in Gowanus, for $2.8 million, Crain’s reports. Located two blocks west of the Union Street stop on the R train, the developer plans to build their new headquarters at the site in the form of a three-story, roughly 8,000 square-foot building. The ground floor will be leased as retail space and the upper floors will contain between 5,000 and 6,000 square feet of office space. The developers expect to break ground by 2017 for a 2018 completion. Alloy Development will likely design the project in-house.
The 40-story, 850,000 square-foot office building at 437 Madison Avenue, located between East 49th and 50th streets in Midtown, is currently receiving $60 million in upgrades and renovations, according to Real Estate Weekly. The outdoor plaza and the building’s lobby are being redesigned, building infrastructure is being upgraded, and new amenities are being constructed, including a 15th-floor sky lounge, garden terrace conference rooms, an arcade, and a yoga room. Construction began two years ago and completion is expected early this year. The Emery Roth & Sons-designed building was completed in 1967 and the William Kaufman Organization has owned it ever since. Fogarty Finger is designing the renovation. Medallion Financial Corp. recently extended their 18,650 square-foot lease in the building.
A year ago, YIMBY brought you new renderings of redevelopment plans for the 24-story office building at 380 Madison Avenue, between East 46th and 47th streets in Midtown. By removing certain floors within the building, the structure will grow to 32 stories but will retain the same square-footage. According to the Wall Street Journal, the process is well underway, with 18 percent of the original building in total expected to be removed and used for a vertical expansion. The completed building, called 390 Madison Avenue, will have 663,419 square feet of commercial space, most of which will be office space, although the first two floors will contain double-height retail space. L&L Holding Company is developing the project and Kohn Pedersen Fox is designing it. Completion is expected in early 2017.
YIMBY last brought you news of Three World Trade Center, at 175 Greenwich Street in the Financial Distinct, in August when we revealed the height of the 80-story office tower was reduced to 1,079 feet. Since then, when the concrete core had reached roughly the half-way point, the tower has risen significantly, as seen in photos by Tectonic. The core is now closing in on the neighboring Four World Trade Center, which stands 977 feet in height. Steel work is occurring roughly halfway up the tower, and fireproofing and glass installation is taking place on the lower levels. There will be 150,000 square feet of retail space across five floors in the 2.8-million-square-foot building. Silverstein Properties is developing the tower, Rogers Stirk Harbour + Partners is designing it, and completion is expected in 2018.