Citigroup has completed its purchase of one of its two office buildings at the CrossPoint Business Park in Getzville, cementing its presence in Western New York with a $52.8 million investment.
The New York City-based banking company – the nation's third-largest – acquired 580 and 562 CrossPoint Parkway from affiliates of Uniland Development Co.
The deal – which was announced in October – also included nine acres of adjacent land at 3750 and 3800 Millersport Highway and 2360 Hopkins Road.
The 158,000-square-foot building houses parts of Citi's Global Transaction Services group and other functions. It was built in 2008 on 2.2 acres, but Uniland later built a second building at 540 CrossPoint Parkway for Citi's expanding operations. Uniland still owns that, but the bank also agreed to extend its lease on that 107,000-square-foot building.
In all, Citi has 1,800 employees at CrossPoint, where it is one of the dominant tenants, along with Geico, Columbus McKinnon Corp. and Centene Corp.'s Fidelis Care.
The bank's financial hub supports 20 different business units, mostly in corporate and investment banking. Its functions include financial control and analysis, capital markets and private-client operations, fixed-income capital markets analytics, credit and capital markets risk management and the Commercial Business Group.