2 Local Deals Expected to Close Monday
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The separate month-end sales of the Century Plaza Towers in Century City and Citicorp Plaza in downtown Los Angeles are expected to be finalized Monday after months of negotiations, according to people familiar with both deals. Prudential Insurance Co. will complete the sale of the twin 44-story skyscrapers and the adjoining ABC Entertainment Center for about $480 million to an investment group involving pension funds and investment bank J.P. Morgan. Toronto-based shopping mall operator TrizecHahn will take over Citicorp Plaza, which includes a Robinsons-May and 45 other shops and restaurants, from the Teachers Insurance & Annuity Assn. of America.
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