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Business Briefing / REAL ESTATE

Citigroup Center is sold to Hines

September 19, 2008|From Times Wire Services

Hines, the Houston-based real estate firm, acquired Citigroup Center in downtown Los Angeles from New York real estate investor Broadway Partners.

The sale price for the 48-story, 891,056-square-foot building was not disclosed. Dan Fasulo, managing director of Real Capital Analytics, a New York real estate data firm, said the building sold for $280 million, or $314 a square foot.

The building at 444 Flower St., in downtown's Bunker Hill area, was completed in 1981 and is 93% leased with tenants including oil company BP and Wells Fargo & Co.

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