FOR IMMEDIATE RELEASE
July 13, 2004
MAYOR MICHAEL R. BLOOMBERG AND CITIGROUP ANNOUNCE NEW BUILDING AND ADDITIONAL JOBS FOR NEW YORK CITY
New Building in Long Island City and Shifting Mix of Jobs Citywide Over Next Two Years to Result in Net Growth of More Than 600 New Jobs
Mayor Michael R. Bloomberg today joined Citigroup to announce plans to expand its presence in New York City by constructing a new 14-story, 475,000 square foot building in Long Island City, acquiring additional office space in Manhattan and shifting their mix of jobs Citywide - resulting in a net growth of more than 600 jobs over the next two years. The Mayor was joined by Citigroup's President & Chief Operating Officer Robert Willumstad and Empire State Development Chairman Charles Gargano and Senior Managing Director of Tishman Speyer Properties Robert Speyer at the announcement at Citigroup's Court Square One building in Long Island City, Queens.
"From the start, our Administration has followed an economic development strategy designed to create jobs throughout the five boroughs, and Citigroup's latest expansion to Long Island City does just that," said Mayor Bloomberg. "Citigroup is the City's largest private sector employer and will get even bigger with the construction of this beautiful new building and commitment to create more jobs in New York City."
"We are excited about our plans to continue growing in New York City," said Charles Prince, Citigroup's Chief Executive Officer. "We are the largest private sector employer in New York City and we expect to add even more jobs here over the next two years."
"We applaud Citigroup's announcement today," said Chairman Gargano. "Because of Governor Pataki's pro-business policies, companies such as Citigroup are able to expand and grow across the State. And while Citigroup backfills its space in Lower Manhattan with high-paying jobs, the company is also demonstrating its commitment to all of New York City, right here in Long Island City, further ensuring New York's position as the financial capital of the world."
The cornerstone of Citigroup's plans is the construction of a new $200 million building in Long Island City - Court Square Two - which will have space for approximately 1,500 employees and will accompany Court Square One, which was built in 1989 and has approximately 1.4 million square feet and 4,800 employees. Construction of the new building, Citigroup's second in Long Island City, is expected to begin in early 2005. In addition, as part of the plan to construct Court Square Two, Citigroup will improve the connection between the G and #7 subway lines by constructing an escalator that will allow passengers to walk between both lines underground.
Citigroup will also grow its current level of temporary and permanent office space in Manhattan by 420,000 square feet to accommodate the anticipated job growth. Currently, Citigroup has about 9.3 million square feet of office space in New York City.
At the same time, Citigroup is shifting the mix of its jobs in Manhattan and rationalizing its office space in the tri-state region. Citigroup expects to create more than 2,500 new jobs, largely front office, in New York City. To accommodate this growth, the company is moving approximately 1,600 technology jobs out of Manhattan to Warren, New Jersey, and approximately 300 jobs to Long Island, primarily in Melville.
Citigroup will continue to be the largest private sector employer in New York City with approximately 25,400 employees. They are the largest employer below Canal Street and the largest private sector employer in Queens. Citigroup has approximately 40,000 employees in the tri-state area and 32,000 in New York State.
Tishman Speyer Properties is the developer of the new building in Long Island City and an affiliate of the New York-based company will own it. Jerry I. Speyer, President and Chief Executive Officer of Tishman Speyer Properties, said: "This project represents a terrific opportunity to invest in the future of Long Island City and we are proud to play a role in that effort."
Edward Skyler / Robert Lawson (212) 788-2958
Shannon Bell (Citigroup) (212) 793-6206