Beacon Capital Partners has acquired a prominent Los Angeles skyscraper. The Boston-based investment firm prevailed over a competitive field of bidders with its $170 million bid for the Citicorp Center, a 48-story office tower located at the northwest corner of Flower and 5th streets. The building is known as the fictional headquarters of the law firm featured in the hit television show "L.A Law."
Beacon Capital bought the 95%-occupied property from partners Mieji Seimei Realty and Grosvenor USA Ltd. Citigroup and Wells Fargo are two of the building’s major tenants. Citigroup occupies more than 500,000 sq. ft. of space on a long-term lease.
The $170 million sale price represents about $190 per sq. ft., well below the record sales price for a Los Angeles office tower, which was fetched earlier this year when an investor paid about $240 per sq. ft. for Figueroa Street’s 801 Tower building.