Located four blocks from the State Capitol building, the property is approximately 85% leased and occupied. Agencies of the State of California occupy more than 70% of the property's net rentable area. The seller acquired the property from Triple Net Properties in 2005 for approximately $79.4 million. Triple Net acquired the property in March 2004 for $65.8 million
The asset was marketed as a value-add opportunity. The opportunity includes leasing the vacant space, which includes a 12,000-sf street-level space that previously housed a restaurant, and the ongoing redevelopment of the K Street pedestrian mall, which is improving the adjacent public areas.
Michel Seifer and Rob Hielscher of Jones Lang LaSalle's San Francisco office had the disposition assignment. Jason Goff and Drew Petersen of Jones Lang LaSalle's Sacramento office assisted.
San Antonio-based USAA Real Estate sponsors fund and separate account investments on behalf of foreign and domestic institutional investors. It controls approximately $4 billion in owned and managed assets. Canada-based SITQ is a real estate investment, management and development firm that owns 35 million sf in 114 properties with a combined value of approximately $10 billion.
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