399 Park Avenue is a 41-story office building that occupies the entire block between
Park Avenue
Park Avenue is a wide New York City boulevard which carries north and southbound traffic in the boroughs of Manhattan and the Bronx. For most of the road's length in Manhattan, it runs parallel to Madison Avenue to the west and Lexington Av ...
and
Lexington Avenue
Lexington Avenue, often colloquially abbreviated as "Lex", is an avenue on the East Side of the borough of Manhattan in New York City that carries southbound one-way traffic from East 131st Street to Gramercy Park at East 21st Street. Along it ...
and
53rd Street
53rd Street is a Midtown Manhattan, midtown cross street in the New York City borough (New York City), borough of Manhattan, that runs adjacent to buildings such as the Citigroup Center, Citigroup building. It is 1.83 miles (2.94 km) ...
and
54th Street in
Midtown Manhattan
Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
,
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. The building was the world headquarters of
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
from 1961 when it moved from
55 Wall Street
55 Wall Street, formerly known as the National City Bank Building, is an eight-story building on Wall Street between William and Hanover streets in the Financial District of Lower Manhattan in New York City, United States. The lowest three stor ...
until 2015 when the company moved to
388 Greenwich Street.
History
The building lot was assembled by
Vincent Astor
William Vincent Astor (November 15, 1891 – February 3, 1959) was an American businessman, philanthropist, and member of the prominent Astor family.
Early life
Called Vincent, he was born in New York City on November 15, 1891. Astor was the el ...
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
The Citigroup Center (formerly Citicorp Center and also known by its address, 601 Lexington Avenue) is an office skyscraper in the Midtown Manhattan neighborhood of New York City. Built in 1977 to house the headquarters of Citibank, it is tal ...
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
One Court Square, also known as the Citigroup Building, is a 50-story office tower in Long Island City, Queens across the East River from Manhattan in New York City. It was completed in 1989 by Skidmore, Owings & Merrill LLP for Citigroup. T ...
in
Long Island City
Long Island City (LIC) is a residential and commercial neighborhood on the extreme western tip of Queens, a borough in New York City. It is bordered by Astoria to the north; the East River to the west; New Calvary Cemetery in Sunnyside to the ...
, Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors. 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
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the pro ...
,
Equity Office Properties
EQ Office is a real estate investment company that owns 80 office properties comprising 40 million square feet. The company is owned by funds managed by The Blackstone Group. The company was formerly known as Equity Office.
History
The company w ...
,
Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the ...
,
RFR Holdings, and the Paramount Group. 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
The Citigroup Center (formerly Citicorp Center and also known by its address, 601 Lexington Avenue) is an office skyscraper in the Midtown Manhattan neighborhood of New York City. Built in 1977 to house the headquarters of Citibank, it is tal ...
. Citigroup then leased its headquarters from Boston Properties through 2017. After the
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
damaged much of their headquarters at
Brookfield Place,
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...
leased in the building until
their 2008 bankruptcy. Other former tenants included law firms
Caplin & Drysdale
Caplin may refer to:
Animals
* Capelin, a small forage fish also known as a caplin
People
* Alfred Gerald Caplin, better known as Al Capp (1909–1979), American cartoonist and humorist
* Andrew Caplin (born 1956), British-American economist
* ...
, which moved to 600 Lexington Avenue and
Wilmer Cutler Pickering Hale and Dorr
Wilmer Cutler Pickering Hale and Dorr LLP, also known as Hale & Dorr and WilmerHale, is an international law firm with offices in the United States, Europe and Asia. It is co-headquartered in Washington, D.C. and Boston. It was formed in 2004 thr ...
, which moved to
7 World Trade Center.
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
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet.
Notable proper ...
in 2016.
Tenants
*
Brigade Capital Management, on 15th and 16th floors
*
BentallGreenOak
BentallGreenOak is a real estate investment firm based in Toronto and New York City. The firm is the real estate investment arm of Sun Life Financial. It is considered one of the largest real estate investment firms in North America.
In 2022, ...
*
Blue Owl
Blue Owl Capital (also known as Blue Owl) is an American alternative investment asset management firm. It is currently listed on the New York Stock Exchange under the ticker symbol: "OWL".
The firm is headquartered in New York City with addit ...
*
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
*
Colony NorthStar
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, Digita ...
*Cyrus Capital Partners
*
C. V. Starr & Co.,
*
Jordan Company,
*
Lexington Partners, on 20th and 21st floors
*
Millennium Management, LLC
Millennium Management is an investment management firm with a multistrategy hedge fund offering. It is one of the world's largest alternative asset management firms with over $50 billion assets under management. The firm operates in America, Euro ...
,
*
Moelis & Company
Moelis & Company is a global investment bank that provides financial advisory services to corporations, governments, and financial sponsors. The firm advises on strategic decisions such as mergers and acquisitions, recapitalizations and restruc ...
*Peterson Management,
*
PineBridge Investments
PineBridge Investments (also known as PineBridge) is an American asset management firm. It was previously the asset management division of American International Group (AIG) known as AIG Investments before being sold to the Pacific Century Group ...
*
Robins Kaplan LLP
Robins Kaplan LLP is an American law firm headquartered in Minneapolis, Minnesota. Founded in 1938 as Robins & Davis, the firm is active in trial work in intellectual property, business litigation, antitrust, entertainment and media law, and ma ...
,
*
Savills
Savills plc is a British real estate services company based in London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
The business was established by Alfred Savill (1829–1905) in 1855 in London. B ...
, on 11th and 5th floor
References
Emporis profile
{{Park Avenue
Office buildings completed in 1961
Skyscraper office buildings in Manhattan
Citigroup buildings
Financial services company headquarters in the United States
Park Avenue
Carson and Lundin buildings
Midtown Manhattan