Jan
05
Iconic Downtown LA Office Building Commands $336M
ByThe 48-story Citigroup Center was developed by Rockefeller Group and designed by noted architectural firm AC Martin Partners.
Citigroup CenterLos Angeles—Coretrust Capital Partners LLC, through its investment fund, Coretrust Value Fund I, has acquired Citigroup Center, a 48-story LEED Gold office tower in the heart of downtown Los Angeles, from Hines for $336 million.
The company received a $230 million loan for the acquisition held by the Bank of China.
“We were attracted to the location, its size, floor plates; it’s a building that hasn’t really been updated so it gives us an opportunity to effectively redevelop and reposition the property and rebrand it,” John Sischo, Coretrust Capital Partners’ principal, told Commercial Property Executive. “We’ve seen a continued growth in the area’s residential community, expansion of retail and also the development of the metro.”…
