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CITIGROUP INC. is negotiating a lease that would shift more than 1,500 workers from lower Manhattan to Jersey City.

The financial services giant is selling the 363,000-square-foot office tower at 250 West St. that houses its Smith Barney investment banking division. It is considering moving the division's employees to a 370,000-square-foot space at 480 Washington St. in Jersey City that it would sublease from UBS. The asking rent in the 32-story tower, known as Newport Office...