Citigroup Private Clients Said to Back Boston Skyscraper

Clients of a Citigroup Inc. (C) unit backing the construction of New Yorks tallest apartment building are funding a new project in Boston.

The firm has finished raising money from clients of its private bank to invest in a 60-story tower being built in Bostons Back Bay neighborhood, according to a person briefed on the matter. The wealthy individuals invest directly in the project and returns will be based on proceeds from the sale of about 180 condominiums in the building, the person said.

The residential tower also will include a hotel managed by Four Seasons Hotels & Resorts, the person said, requesting anonymity because the details of the project havent been finalized. Saudi billionaire Alwaleed bin Talals Kingdom Holding Co. owns stakes in Four Seasons and New York-based Citigroup.

Justine Griffin, a spokeswoman for project developer Carpenter & Co., declined to comment. Ryan Jimenez, a spokesman for Four Seasons in Boston, didnt reply to phone and e-mail messages seeking comment.

Citigroups private bank, led by Peter Charrington, pooled more than $400 million from wealthy clients to invest in New Yorks 432 Park Ave., where a penthouse is under contract for $95 million. The building will reach almost 1,400 feet, making it the largest residential tower in the Western Hemisphere, according to its website.

432 Park Ave stands in New York. Close

432 Park Ave stands in New York.

Close

432 Park Ave stands in New York.

As the U.S. economy powers a global expansion now in its fifth year, the worlds rich are investing in the nations real estate and companies to bolster their fortunes. Citigroups private bank targets individuals with a net worth of $25 million or more.

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Citigroup Private Clients Said to Back Boston Skyscraper