Ivanhoe Cambridge has sold its stake in Citigroup Inc.’s New York City headquarters to SL Green Realty Corp.

SL Green Realty Corp. will assume full ownership of the 2.6-million-square-foot properties located at 388-390 Greenwich St. in Tribeca. The transaction values the consolidated investment interest at $1.585 billion.

The eight-storey 390 Greenwich has 94,000-square-foot floorplates, considered some of the finest trading floors in Manhattan. The 39-storey building at 388 Greenwich St. has unobstructed views and highly efficient floors. The two properties are triple-net leased to an affiliate of Citigroup Inc. through 2035. The lease extension was announced in December 2013.

SL Green and an affiliate of Ivanhoe Cambridge acquired the properties in late 2007. Under the agreement, Citigroup has the option to acquire the properties during a period from Dec. 1, 2017 through Dec. 31, 2020.

“We have enjoyed a successful partnership with Ivanhoe Cambridge at 388-390 Greenwich, capped by Citi’s recent lease extension, which was one of the largest lease transactions ever executed in New York,” says Andrew Mathias, SL Green president. “Citi is one of the world’s great financial institutions and has been a valued tenant at several SL Green properties.”

The sale is expected to close in the second quarter of 2014.