Located in the heart of downtown Sacramento at the northwest corner of 9th and J Streets, the property includes an adjacent parking facility. Currently the tower is 96% leased. Its tenants include US Bancorp, Investors Bank and Trust and the California Department of Managed Healthcare.
The 445,000-sf, class-A office tower was developed in 1992 by a Grosvenor-sponsored investment and has since become a downtown landmark. According to Grosvenor, the building's materials, scale and orientation to Cesar Chavez Park, located across the street, were designed to compliment the nearby City Hall, and together they form the heart of the North CBD.
"We have enjoyed being a part of the Sacramento business community during the past 11 years," says Mark Preston, president of Grosvenor USA Limited. "But with the changes in investment strategy our emphasis is on select property types in key target markets."
Shorenstein Company added the property to its sixth investment fund, which has previously made investments in 450 Lexington Avenue in New York City, Two Liberty Place in Philadelphia and 500 West Monroe in Chicago.
Michael Zietsman, Lonnie Vidaurri and David R. Brown of Lehman Brothers represented Grosvenor in the transaction.
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