TIAA-CREF Sheds 650,000 SF, Exits Sacramento

[IMGCAP(1)]SACRAMENTO-TIAA-CREF has exited the Sacramento market with the sale of two buildings totaling 650,000 square feet. Los Angeles-based CIM Group bought the New York financial services’ 470,000-square-foot class A building at 980 9th St. A division of Newton, MA-based HRPT Properties Trust bought TIAA-CREF’s Capitol Place, a 14-story 167,000-square-foot building at 915 L St.

Grant Lammersen, a Cushman & Wakefield broker who represented the seller with his partner George Eckard, declined to reveal the purchase price of either building; however, a source familiar with the deal tells GlobeSt.com that CIM paid around $100 million for the 26-story trophy property. The source also notes that TIAA-CREF purchased the building, located at the corner of 9th and J Streets, for $159 million in 2006.

[IMGCAP(2)]The unidentified source tells GlobeSt.com that HRPT paid right around $40 million for the 14-story class A Capitol Place building at 915 L St. The source also notes that TIAA-CREF purchased building for $39 million in 2003.