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CITICORP CLOSES SALE OF BANK ONE CENTER

 CITICORP CLOSES SALE OF BANK ONE CENTER
 NEW YORK, March 25 /PRNewswire/ -- Citicorp (NYSE: CCI), on behalf


of a bank group, today announced the closing of the sale of Bank One Center, an office complex in Indianapolis, to Zell/Merrill Lynch Real Estate Opportunity Partners LP II. The $115 million purchase price reflects one of the largest single-asset real estate transactions to take place in the United States since 1990.
 The complex includes the 48-story Bank One Tower, the tallest building in Indiana, and the 12-story Circle Building which adjoins the Tower and fronts on the historic Monument Circle in downtown Indianapolis. The Tower contains 905,000 rentable square feet, of which approximately 74 percent is currently leased, and the Circle Building contains 151,000 rentable square feet, of which approximately 47 percent is currently leased.
 "This transaction indicates a recognition by investors of value in available high-quality assets," said Robert McCormack of Citicorp Real Estate. "The sale, the terms of which include a meaningful cash investment and financing for the investor as well as an equity participation for the bank group, was equal to the current carrying value of the property and will not require further write-downs by Citicorp."
 This transaction is the culmination of both a successful workout with the The Galbreath Co. headed by Daniel M. Galbreath, which recently completed a restructuring of its business, and a successful marketing effort. Citicorp marketed this property to its established and growing network of institutional investors.
 Zell/Merrill Lynch Real Estate Opportunity Partners LP II is a real estate investment fund formed in 1991 by Chicago investor Sam Zell and Merrill Lynch. The fund has raised slightly over $430 million primarily from public and private domestic pension funds. First Office Management, an affiliate of the purchaser, will assume property management and leasing responsibility for the asset.
 -0- 3/25/92
 /CONTACT: Amy Dates of Citicorp, 212-559-7608/
 (CCI) CO: Citicorp; Zell/Merrill Lynch Real Estate Opportunity Partners LP II ST: New York, Indiana IN: FIN SU: TNM


CK -- NY028 -- 1477 03/25/92 11:26 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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