The Citgo sign is here to stay.
The imposing fixture of Boston's city skyline has hovered above Kenmore Square since 1965, but its fate was questioned when Boston University sold the Beacon Street building that houses it earlier this year.
On Wednesday, Mayor Marty Walsh announced the building's new owners, New York-based development firm Related Beal, and Citgo had struck a deal ensuring the sign will blink on above Boston for decades to come.
"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.
The terms of the deal were not announced Wednesday, but the petroleum company paid $250,000 a year to lease space for the sign from Boston University. Related Beal was asking for as much as 10 times that amount, The Boston Globe reported earlier this month.
The city was not directly involved in the negotiations, but Walsh met with both parties, lobbying for a permanent place for the sign in Kenmore Square.
Related Beal has indicated it has plans for major developments at the Beacon Street site, and the Boston Landmarks Commission has been studying a request to make the sign an official city landmark, which could afford it extra protections. It earned "pending designation" status last summer.
Kimberly Sherman Stamler, president of Related Beal, said she is pleased the sign will remain in place.
"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," she said.
The Citgo Petroleum Corp. is a fuel industry company based in Houston.