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Case Study

The right angle on Citigroup Center

Our long-term client relationships are a hallmark of our quality service. After 20 years, we know Citigroup Center inside and out. And we’ve seen it through many milestones.

In just the past decade, we have executed more than 1.5 million square feet of leases, and arranged the sale of this famous building—one of the most prominent features of the Manhattan skyline.

Originally built by Citicorp, it was jointly owned by Citigroup and Dai-ichi Life Investment Properties under a condominium structure. In 1998, 540,000 s.f. of Dai-ichi’s interest were nearing lease expirations. As leasing agent, we targeted one and two floor tenants. We built momentum with each successive transaction—achieving higher rental rates and lower concessions—until attaining 100% occupancy.

We reached the next major milestone in 2001 when our Capital Markets team arranged sale of the property to the current owner, Boston Properties, for $725 million. We continued as the exclusive leasing agent, and again achieved full lease-up in 2002. Since then, we’ve maintained at or near 100% occupancy at Citigroup Center for Boston Properties.

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