A good sign for CITGO: New deal is reached
A deal has been reached to keep the iconic CITGO sign on its building overlooking Fenway Park and Kenmore Square, according to City Hall.
The deal follows contentious negotiations over a rent hike between CITGO and Related Beal, the new owner of the former Boston University building. Details of the deal were not immediately released. CITGO had said it offered to double the $250,000 rent it had been paying, while Related Beal was asking for a “tenfold” increase.
“I applaud Related Beal and CITGO for their willingness to come together in a collaborative way that will benefit the entire city,” Mayor Martin J. Walsh said in a joint statement.
Walsh met with both sides and offered space in City Hall for their talks, the statement said. The deal was reached yesterday at City Hall.
Kimberly Sherman Stamler, president of Related Beal, said in the statement, “We are pleased to have reached a resolution where the sign will remain in place for decades to come and are grateful for the Mayor’s leadership. We look forward to again collaborating with the City of Boston on plans for the redevelopment of Kenmore Square and to bringing increased economic activity, hundreds of jobs and a marquee office location to the area.”
Rick Esser, CITGO’s vice president of supply and marketing, said, “Like many of the communities in which we operate, CITGO has a deep connection with Boston, and the CITGO Sign is an important part of that history. This agreement ensures that the sign will continue to shine brightly for years to come.”