Amazon.com Inc.’s big move into Queens comes at the expense of the borough’s biggest tenant.
Citigroup Inc. (NYSE: C) is moving its 1,100 employees out of its One Court Square office building in New York’s Long Island City neighborhood as Jeff Bezos and company make plans to occupy space in the tower as part of one of its two new headquarters.
“Given what it would mean to New York and Long Island City to have Amazon establish a significant presence here, we want to do our part to make this possible,” Citigroup chief executive officer Michael Corbat said in a prepared statement.
Citi currently occupies about one million square feet in One Court Square and is accelerating plans to consolidate colleagues at its Tribeca headquarters and other locations.
Citi moved into the building almost 30 years ago. At the time, it was the tallest building ever constructed in Queens.
“Since that time, thousands of our colleagues have become part of the fabric of the neighborhood and watched it…Read the full story from the Washington Business Journal.