CoreTrust Opens 2017 With a Bang

John Sischo is a principal at CoreTrust.

LOS ANGELES—CoreTrust set the bar for Los Angeles acquisitions in the first week of the year. The firm has acquired the CitiGroup Center in Downtown Los Angeles from Hines. The sales price was not disclosed, but industry sources unrelated to the deal tell GlobeSt.com that the firm purchased the asset for $336 million. CitiGroup Center is a circe-1981 48-story office tower totaling 914,000 square feet.

John Sischo, a principal at CoreTrust, tells GlobeSt.com that the firm was attracted to the property because of the “quality of the building and its construction, and the fact that it was leased by two major users that never occupied the space.” Wells Fargo and ARCO leased large blocks of space at the property, but never occupied those spaces. “The building was basically frozen in time for 30 years,” Sischo adds. Citigroup and Morgan Stanley are also tenants in the building.