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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