388 Greenwich Street

388 Greenwich Street, originally called the Shearson Lehman Plaza, and more recently the Travelers Building, is a skyscraper located at 388 Greenwich Street, with facings on N. Moore and West Streets, in the TriBeCa neighborhood of Lower Manhattan, New York City. 388 Greenwich Street forms a complex with the neighboring 10-story 390 Greenwich Street near the Hudson River. Currently, the two buildings comprise the global headquarters of financial services corporation Citigroup. 388 Greenwich stands about ten blocks north of the World Trade Center site and is among the tallest in TriBeCa. Like many other office buildings in Manhattan, 388 Greenwich Street contains in addition to office space, a fitness center, full-service dining facilities, a medical center, a conference center, a day care center, and an outdoor park. The building is one of the few in New York to utilize double-deck elevators. On September 11, 2001, the building's courtyard was used as a triage center.[2][3]

388 Greenwich Street
from Battery Park City North Esplanade (2014)
General information
TypeOffice
LocationManhattan, New York City
Coordinates40.720685°N 74.011036°W / 40.720685; -74.011036
Construction startedFebruary 11, 1986
CompletedAugust 10, 1988
Height
Roof151 m (495 ft)
Top floor38
Technical details
Floor count39
Floor area2,700,000 sq ft (250,000 m2) (complex)
Lifts/elevators24, primarily double-deckers
Design and construction
ArchitectKohn Pedersen Fox Associates PC
References
[1]

Umbrella icon

The building was well known by New York residents for its large 50 ft (15 m)-by-50 ft 4-story red neon umbrella mounted in May 1997 near the top of its north-facing side that some found emblematic and others distracting.[4][5][6] Complementing this neon sign, an iconic, steel 16-foot (4.9 m), 5,300-pound (2,400 kg) red umbrella sculpture also stood outside 388 Greenwich St at street-level.[7] Both have been removed from the building, the latter in the summer of 2007, as part of a deal between Citigroup and St. Paul Travelers Companies which acquired the logo.

Sale

In December 2007, 388 Greenwich Street and 390 Greenwich Street were sold by Citigroup in order to reduce real estate exposure on its balance sheet. The complex was acquired by a joint venture consisting of SL Green Realty and SITQ for US$1.58 billion.[8] Citigroup, however, maintained their primary presence in the complex through a 15-year leaseback arrangement.[9] In 2016, the bank repurchased the complex and relocated the company's headquarters from 399 Park Avenue.[10]

References
  1. "388 Greenwich Street". SkyscraperPage.
  2. http://dirkmd.blogspot.com/2017/09/my-recollections-of-911.html
  3. Klam, Matthew (September 23, 2001). "Bodies; Waiting". The New York Times. Retrieved April 23, 2010.
  4. Haberman, Clyde (May 19, 1998). "NYC; Drying Out The Red Neon Umbrella". The New York Times. Retrieved April 23, 2010.
  5. Gonzalez, David (May 24, 1997). "Criticism Never Rains But It Pours". The New York Times. Retrieved April 23, 2010.
  6. Deutsch, Claudia H. (April 9, 1998). "In the Glow of a Merger, a Fight Over a Neon Sign". The New York Times. Retrieved April 23, 2010.
  7. Dash, Eric (June 20, 2006). "What's Red, Ubiquitous, and May Be on Its Way Out?". The New York Times. Retrieved April 23, 2010.
  8. "SL Green and SITQ Complete Acquisition of Citi Towers". REBusinessOnline. December 21, 2007.
  9. "Citi seeks buyer for former Travelers building". Crains New York. September 28, 2007.
  10. Mashayekhi, Rey (January 27, 2016). "Citigroup will buy back Tribeca HQ from SL Green for $2B". The Real Deal. Retrieved September 21, 2016.
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