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The Real Deal Los Angeles

Citigroup Center to shed its ’80s look with $50 million makeover

Remodeling plans include sky-high, 1,000-sq-ft courtyards
December 29, 2016 10:30AM

Citigroup Center (via Hines) and, from left: Thomas Ricci, Randall Scott and John Sischo of Coretrust Capital Partners

So long, scrunchies and acid-washed jeans, hello sky gardens and open-plan space. The new owners of the Citigroup Center are planning a $50 million upgrade to transform the 1980s-era building from a staid office tower into something more alluring to today’s tenants.

The skyscraper at 444 S. Flower St. opened in 1981 and was featured as the headquarters of a fictional high-powered law firm in the ’80s TV drama “L.A. Law.” Coretrust Capital Partners recently acquired the 48-story building for $336 million from its Houston-based landlord, Hines, as The Real Deal reported in September.

“It’s frozen in time,” John Sischo, a principal at Coretrust, told the L.A. Times of his new acquisition.

The remodeling plans include construction of sky-high, 1,000-foot courtyards, upgraded common areas, a conference center and restaurant, among other elements.

“We’re looking for people who know that their next generation of employees want to be in an urban center with Metro,” Sischo said.

Although the vacancy rate for downtown office space is down to 16.5 percent, the new Wilshire Grand will add 354,000 square feet to the market in 2017 and current tenants are expected to release 200,000 square feet of space over the next two years, the Times reported. [LAT] — Gabrielle Paluch