Citigroup’s big exit from most of its Far West Side campus just hit a wall. A planned $14 million sale for roughly 36 acres of offices in San Antonio has fallen apart, putting the corporate compound back on the market and giving brokers more time to hunt for a buyer.
The reversal comes as Citi continues to trim and reshuffle its footprint in the area. For now, the site is once again listed as available to investors while the bank presses ahead with separate consolidation work next door.
According to the San Antonio Business Journal, the transaction, about $14 million for most of the campus, collapsed this week after the buyers did not complete the purchase. The outlet notes the property has been on and off the market for several years as Citi works to right-size its San Antonio operations.
What Was On The Table
A CBRE listing on LoopNet shows three buildings at 100 Citibank Drive totaling about 329,658 square feet on roughly 36.26 acres, marketed by CBRE Capital Markets. The offering pitches two multi-story office buildings plus an interconnected day-care complex and lists the asset “as is,” with pricing available on request.
Why Citi Put The Campus Up For Sale
Commercial data tied to the listing indicates the property is expected to be vacant as Citibank completes renovation work and consolidates into an adjacent Building 2, a move brokers describe as part of a local consolidation plan. That consolidation language appears in public marketing materials summarized by PropertyShark, which also notes the site was recently replatted into separate saleable parcels aimed at investors or user-owners.
Far West Side Market Is Changing
The campus sits in a Far West Side submarket that has become a magnet for large corporate and data-center projects in recent years, giving potential buyers options beyond the traditional office play. Major data-center projects and hyperscale campus builds in the corridor, including Vantage Data Centers’ TX11 development, have helped reshape what kinds of buyers are circling the area, according to Vantage’s project page.
What’s Next For The Campus
With the $14 million offer off the board, CBRE’s marketing materials suggest the property will stay in the shop window while brokers look for new suitors. How quickly it trades will likely hinge on investor appetite for large suburban office campuses in a market that is simultaneously seeing rapid data-center growth, and on whether Citi makes further moves within the remainder of its campus.
The San Antonio Business Journal reports Citi has been paring back its local footprint for years, and this latest deal collapse simply stretches that storyline a little longer.
