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10/31/24
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PacWest Equities, an affiliate of Buzz Oates, acquired 400 Capitol Mall, a Class A, 501.3k sf trophy office tower in downtown Sacramento, for $117 mil ($233/sf) in an all-cash deal. The transaction represents the largest office sale in Sacramento in almost five years.
The 29-story tower has maintained an impressive nearly 90% historical occupancy over the past 25 years and its resilience is further evidenced by robust recent leasing activity with 232k sf of leases signed since 2020.
The property is considered the top performing asset in the Downtown submarket. Its ability to attract - and retain - a roster of blue-chip tenants, including Wells Fargo, Morgan Stanley, PWC, Deloitte, and Orrick speaks to its quality and appeal as top-tier assets continue to command strong interest, even in a challenging office market.
The trophy tower is located in the heart of Downtown Sacramento and boasts a five-story, 1,094-space parking garage and offers tenants access to an array of amenities, including valet parking and car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground floor restaurant and café.
Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds with JLL Capital Markets represented the seller, Manulife US REIT.
“The sale of 400 Capitol Mall not only represents a significant investment in Sacramento’s office market, but further exemplifies the flight to quality trend and the divergence between top-tier and lower-quality assets in the current market landscape.” Lasoff said.
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