The Real Deal Los Angeles

Citigroup to leave Citigroup Center for One Cal Plaza

New York bank leaving its namesake tower after more than three decades
July 02, 2018 03:00PM

Tom Barrack, Thomas Ricci and One California Plaza

Citigroup Center is losing the tenant that gave it its name.

The country’s fourth-largest bank is moving out of the Flower Street tower in favor of another Downtown skyscraper just around the block, One California Plaza at 300 S. Grand Street.

Citigroup is vacating nearly all of its 71,000-square-foot space at 444 S. Flower Street, keeping 10,000 square feet for a bank branch, according to the L.A. Business Journal.

The bank expects to complete the move by the first quarter of 2019. It has been at the 48-story Citigroup Center for over 30 years. Coretrust Capital Partners bought the 37-year-old tower in 2016  for $336 million from Hines and spent $50 million to renovate it.

Coretrust said it could sell off the signage to another tenant.

Thomas Ricci, Coretrust’s managing principal of development and construction, told the Business Journal that the firm was “open to thoughts and ideas and suggestions” about signage.

One California Plaza also recently got new owners. Tom Barrack’s Colony Northstar and Rising Realty Partners paid $459 million for the one-million-square-foot tower, according to Real Capital Analytics. [LABJ] – Dennis Lynch