The Citgo oil concern and landlord/developer Related Beal have struck a deal that will keep Kenmore Square’s iconic Citgo sign atop 660 Beacon Street for “decades to come,” according to a person involved in the negotiations.
Recall that Related Beal bought the building below the sign’s current perch at 660 Beacon Street, along with eight others, in late 2016 for $134,000,000.
At the time of the sale, the company was under no obligation to retain the 60-foot-by-60-foot sign that has bestrode the building since 1965.
A movement to have the sign landmarked quickly arose, however, and the city is still weighing that option. Meanwhile, Related Beal has been both mulling ways to preserve it and negotiating with Citgo on a new rental agreement.
The Globe’s Shirley Leung reported late Wednesday that the two sides had reached an agreement that will keep the sign atop 660 Beacon, basically leaving everything as it was before the kerfuffle erupted.
The pact follows two days of negotiations that the city brokered. Exact terms of the the sign’s new lease were not immediately available.
This post has been updated throughout since the initial news on March 15.