Downtown’s office vacancy rate stayed nearly flat in the fourth quarter, inching up to 16.4 percent from 16.3 percent in the prior quarter, and compared with 17.9 percent in the year-earlier period. Class A rents climbed a hair to $3.52 a square foot from $3.50 in the third quarter. More than 12,000 square feet were put back on the market. There are 356,000 square feet under construction.
Main Events
-Hines sold Citigroup Center, a Bunker Hill tower with 891,056 square feet at 444 S. Flower St., to Coretrust Capital Partners for $336 million.
-City National Bank signed a long-term lease for 300,000 square feet at CIM Group’s Two California Plaza at 350 S. Grand Ave.
-Borman Group and Lion Real Estate sold office buildings, in which 38,000 square feet are leased by Hyperloop One, to Tishman Speyer for about $25 million.
