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9/27/22
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A partnership between Seagate Properties and Cottonwood Group purchased 925 L St, a 168.8k sf, Class A, multi-tenant office building in downtown Sacramento, for $55.1 mil ($326/sf). The property was sold by a joint venture between Soma Capital Partners and Hazelview Investments.
925 L Street is a 13-story, LEED® Gold office building that is located adjacent to the state Capitol in the heart of Sacramento’s Government Affairs district. The 94%-occupied tower has 4.7 years of weighted average lease term with 63% of the building leased to investment grade tenants, including the State of California.
Prior to sale, ownership had signed a 13-year lease with a large state tenant. Rob Hielscher, Erik Hanson and Nick Deaver with JLL Capital Markets represented the seller in the sale.
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