SACRAMENTO-CenterSquare Investment Management, the real estate manager for BNY Mellon, has acquired the 770 L St. office building here for $29.4 million. Additional terms of the transactions were not disclosed.
The office building was purchased from 770 L Street Investment Group Inc. The acquisition was made as an investment for an institutional investor through a separate account managed by CenterSquare.
“This investment reflects our focus on top-tier secondary markets that are poised for growth and beginning to attract significant capital flows,” says Jeff Reder, SVP of private real estate, for CenterSquare. “We were able to acquire a high-quality, well-located downtown building at a compelling basis.”
770 L Street is a 71% leased class A, 170,000-square-foot office building constructed in 1984. It comprises nine stories of office space and an integrated four-level parking garage.
Previous ownership committed significant capital to building improvements and obtained Leadership in Energy and Environmental Design Gold certification from the USGBC.
The property is located less than two blocks from both the California State Capitol Building and Sacramento's planned Entertainment and Sports Complex. Preliminary plans for the complex call for the redevelopment of the Sacramento Downtown Plaza into a new arena for the Sacramento Kings NBA franchise and the construction of up to 1.5 million square feet of offices, retail space, housing, and hotels.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
