BOSTON — The CITGO sign featured prominently over Fenway Park and Kenmore Square will stay where it is after a new agreement was reached on Wednesday.
"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," Mayor Marty Walsh said.
The sign sits on top of a building that had been owned by Boston University, but was recently sold to real estate company Related Beal.
Related Beal had been in negotiations with CITGO since the sale, seeking to increase the rent paid for the sign.
On Wednesday, an agreement was reached between the two companies.
"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," Kimberly Sherman Stamler, President of Related Beal, said.
The specifics of the deal have not yet been released, but both companies indicate it is a long-term deal.
"We are proud that the CITGO sign has become a beacon in the Boston skyline and we are grateful to Mayor Walsh for his leadership in bringing the parties together. This agreement ensures that the sign will continue to shine brightly for years to come," Rick Esser, Vice President of Supply and Marketing for CITGO, said.