Mayor Walsh today announced a deal that will keep the Citgo sign flashing above Kenmore Square for years and years.
Walsh says Citgo and Related Beal, the company that now owns the building the sign sits on, hammered out a deal in a room at City Haill - which he offered to them as a "neutral negotiation location" for as long as they needed to work out a deal.
Walsh said the two sides took him up on the offer during yesterday's nor'easter and began negotiating. They reached a final deal this afternoon, he said.
In a statement, Walsh said:
I applaud Related Beal and Citgo for their willingness to come together in a collaborative way that will benefit the entire city. The Citgo sign has become an important part of the community and I am delighted that both sides were able to agree on terms that will allow the sign to stay where it is.
Related Beal President Kimberly Sherman Stamler said:
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, vice president of supply and marketing for Citgo, added:
This agreement ensures that the sign will continue to shine brightly for years to come.
Details of the plan were not announced.