January 3, 2017
Los Angeles-based Coretrust Capital Partners, LLC acquired the iconic Citigroup Center, a 48-story office tower located in DTLA’s CBD for a reported $336 million. The seller of the 914,000-square-foot asset was a partnership advised and led by Houston-based Hines, which had acquired the property on behalf of its U.S. Office Value Added Fund II, L.P. in 2008.
The building features three floorplates, unique outdoor/indoor spaces, unparalleled metro-centric location, on-site tenant services and one of the largest public art collections. Coretrust plans to enhance the asset’s market profile via a reportedly $50-million upgrade to common areas, with special emphasis on the tenant arrival experience and outdoor amenity spaces.
The distinctively modern, stainless steel office tower at 444 South Flower St. was the backdrop of the popular 1980s television series LA Law.
Eastdil Secured’s Steve Somer handled the sales transaction.
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