The Citgo sign will remain atop its longtime home in Kenmore Square after the petroleum company reached a deal with its new landlord Wednesday, with the help of Boston Mayor Martin J. Walsh.
The fate of the sign, which has illuminated Boston’s night sky for decades and lingers beyond Fenway Park’s Green Monster during Red Sox games, had been in question since last year, when the building under it was sold by Boston University to Related Beal, a New York-based development company.
Since then, though, Citgo Petroleum Corp. and Related Beal have been at loggerheads over a new lease for the sign. Neither Citgo nor Related have commented on specific prices. But the Boston Globe reported in February that the landlord wanted Citgo to pay as much as 10 times its current lease of $250,000 a year, contending that price was well below prevailing market rates for outdoor advertising.
Terms of the deal reached Wednesday were not announced.
In a statement Walsh said he reached out to both parties earlier this week and helped broker the deal. He also offered space at City Hall for negotiations.
“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,” Walsh said in a statement.
The Boston Landmarks Commission had also been studying a request to make the sign an official landmark, which would grant it extra protections should Related launch a larger redevelopment of the site, something development experts consider likely.