The pyramid-shaped, Class A office structure is a well-known local landmark. It stands on 7.77 acres along the Sacramento River, directly across from Old Sacramento. It includes 10 floors of office space, a basement and onsite parking for 1,587 stalls. The building's steel superstructure exceeds the 1991 Uniform Building Requirements and is designed to resist a seismic event of up to 6.9 on the Richter scale.
Representing First Union, Jon Snyder and Rick Henry of Jones Lang LaSalle negotiated directly with the Department of General Services in the transaction. Jones Lang LaSalle's vice president and regional leasing director Wes Powell tells GlobeSt the Ziggurat transaction could very well end up being the largest leasing deal in the year 2001 in the Sacramento Bay region.
Snyder says that the Ziggurat is ideal for the State of California's needs and that by leasing the state-of-the-art building will allow them to consolidate the scattered locations of the Department of General Services, making the overall operation more efficient.
"This transaction represents a good business decision on behalf of the state and is long term deal," adds Powell. "The state made an incredible decision on behalf of the taxpayers because it is a cost saving decision. The decision to do this is something that large corporation and world class companies do and I believe the state made a very difficult, strategic and complicated decision in the best interest of the taxpayers because it allows them to take offices from multiple locations and bring them together in one state of the art facility allowing them to reduce their overall operating costs."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
