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California  + Office  | 

Coretrust Acquires DTLA’s Citigroup Center for $336M

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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