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Abbey Co. Enters NorCal Market

SACRAMENTO-The Long Beach-based company, with 4.5 million sf in Southern California, buys a 186,000-sf office building here for approximately $200 per sf.

By Brian K. Miller | Updated on October 17, 2006

SACRAMENTO-The Abbey Co. of Southern California has entered the Northern California market by way of the state capital. The Long Beach-based owner of some 4.5 million sf in Southern California recently paid DRA Advisors of New York approximately $200 per sf for a 186,000-sf corner office building here known as the Landmark.

Located at 1750 Howe Ave., the B-2 bomber-shaped six-story office building was built in 1985 with 30,000-sf floor plates and skinned with black glass and ceramic tile. The asset is approximately 90% leased; anchor tenants are Liberty Mutual, which occupies approximately 35% of the building, Bank of Sacramento, CBS Radio, and Landmark Healthcare. The full-service asking rent for space in the building is $2.25 per sf per month. Todd Eschelman of Cornish & Carey has the leasing assignment.

Abbey Co.’s director of acquisitions Brian Mericle tells GlobeSt.com the company is looking to acquire a couple of more assets in Northern California to complement its purchase in Sacramento. In the Landmark, Mericle says the company has a one-of-a-kind building across from a retail center in the well-regarded Point West office submarket. On the performance front, he says “nearly half” of the building is leased through 2012.

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