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USAA, SITQ Buy 801 K St. for $88M

SACRAMENTO-A fund managed by HDG Mansur sells the 28-story, 336,000-sf office building to SITQ and an affiliate of USAA Real Estate Co.

By Brian K. Miller | Updated on January 24, 2008

SACRAMENTO-Renaissance Tower, a 28-story, 336,000-sf class A office building at 801 K St. here, has changed hands for $88 million, according to local industry sources. A fund managed by Indianapolis-based HDG Mansur sold the circa 1989 building to an affiliate of USAA Real Estate Co. and SITQ, a subsidiary of the Caisse de depot et placement du Quebec.

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.

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