399 Park Avenue facts for kids
Quick facts for kids 399 Park Avenue |
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399 Park Avenue from the ground; 601 Lexington Avenue is at right.
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| General information | |
| Status | Complete |
| Type | Office |
| Coordinates | 40°45′33″N 73°58′18″W / 40.759184°N 73.971763°W |
| Completed | 1961 |
| Owner | Boston Properties |
| Height | |
| Top floor | 160 metres (520 ft) |
| Technical details | |
| Floor count | 41 |
| Floor area | 1,700,000 square feet (160,000 m2) |
| Design and construction | |
| Architect | Carson Lundin, Kahn and Jacobs |
| Developer | First National Bank |
399 Park Avenue is a tall, 41-story office building in New York City. It takes up a whole city block in Manhattan, located between Park Avenue and Lexington Avenue, and 53rd Street and 54th Street. From 1961 to 2015, this building was the main office for Citigroup, a very large financial company. They moved here from 55 Wall Street and later moved to 388 Greenwich Street.
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History of 399 Park Avenue
The land for 399 Park Avenue was put together by Vincent Astor. He first planned to build a 46-story building called Astor Plaza. It was tricky to buy all the different pieces of land, as many were residential buildings. One pharmacy, in particular, did not want to sell its spot.
In 1974, Citigroup opened another building, the Citigroup Center, just across Lexington Avenue. Later, in 1987, Citigroup sold part of its ownership in 399 Park Avenue and the Citigroup Center to a Japanese insurance company for $670 million. At that time, Citigroup said it would move many of its offices to One Court Square in Long Island City, Queens. Citigroup moved out of the upper floors of 399 Park Avenue but kept the lower ones. Eventually, Citigroup bought back its share of the building.
Ownership Changes and New Tenants
In 2002, a company called Boston Properties bought 399 Park Avenue for over $1 billion. This was a very high price for an office building at the time. Boston Properties also bought the nearby Citigroup Center. After this, Citigroup rented its headquarters from Boston Properties until 2017.
After the events of September 11 attacks caused damage to their offices at Brookfield Place, Lehman Brothers rented a large space in 399 Park Avenue. They stayed there until their company went bankrupt in 2008. Other companies that used to have offices here include law firms like Caplin & Drysdale and Wilmer Cutler Pickering Hale and Dorr.
In December 2013, Citigroup announced that its main headquarters would move to a different location. They moved to a complex at 388 and 390 Greenwich Street in Tribeca, which they bought in 2016.
Companies at 399 Park Avenue
Many different companies rent office space in 399 Park Avenue. Here are some of them:
- Avenue Capital Group
- Brigade Capital Management
- Citigroup (still has some offices here)
- Colony NorthStar
- Cyrus Capital Partners
- C. V. Starr & Co.
- Jordan Company
- Lexington Partners
- Millennium Management, LLC
- Moelis & Company
- Owl Rock Capital Partners
- Peterson Management
- PineBridge Investments
- Robins Kaplan LLP
- Savills Studley
See also
In Spanish: 399 Park Avenue para niños
