The buyers bought the building from Zurich Insurance, and their leasehold on it will last for 49 years, according to Crain’s. The owners landed a $110 million acquisition loan from SL Green.
The property spans about 1 million square feet, and the Korein family owns the land beneath it.
Citigroup recently left the property, and the new owners plan to renovate it with as much as $150 million worth of upgrades that will include a new lobby and a tenant lounge. [Crain’s] — Eddie Small