356,000-SF Capitol Mall Building 40% Preleased

SACRAMENTO-David S. Taylor Interests has signed tenants for 40% of the company’s planned 25-story, 356,000-sf office building here. Set to get under way later this month, the $125-million development is the first private office building constructed on Capitol Mall in more than 10 years.

The building will be located at 621 Capitol Mall, a few blocks from the state capitol. The full-block site has been a parking lot for the past decade. David S. Taylor Interests acquired the land from the city several years back. The office building will take up about 60% of the block.

The anchor tenant will be Downey Brand, a local law firm that signed a long-term lease for 85,000 sf. The namesake tenant will be US Bank, which preleased 34,500 sf in the building, including 4,500 sf on the ground floor for a retail banking center, and is the construction lender for the project. When US Bank Tower is complete in early 2008, the bank will relocate its current downtown office space and retail banking center from the US Bank Plaza building at 9th and J streets. Also signed up is the California Restaurant Association, which has leased a full floor, or about 19,000 sf minus common areas.