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The Real Deal Los Angeles

Hines is shopping Citigroup Center for around $350M

The 48-story tower is only 74 percent occupied right now

June 08, 2016 09:30AM

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The Citigroup Center at 444 South Flower Street and Hines CEO Jeff Hines

The Citigroup Center at 444 South Flower Street and Hines CEO Jeff Hines

Hines is selling the Citigroup Center, a 48-story tower at 444 South Flower Street. The investment firm expects to attract bids for about $350 million, or $383 per square foot, REAlert reported.

The 914,000-square-foot property is currently 74 percent occupied, well below the DTLA average of 82.5 percent. The largest tenant is Citigroup, which has a 67,000-square-foot lease through January 2019. Other tenants include Morgan Stanley, Freddie Mac and the U.S. Securities and Exchange Commission.

By the end of this year, rents are projected to increase by 3.5 percent, according to Marcus & Millichap.

Hines bought the property in 2008 for $280 million. Developed in the 1980s, it was featured in the opening credits of “L.A. Law.”

Eastdil secured is listing the property. [REAlert] — Cathaleen Chen

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