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8/13/13
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Here’s the news on a recent Sacramento office buy as CenterSquare Investment Management, the real estate manager for BNY Mellon, purchased 770 L Street, a 170k sf, Class A building, for $29.4 mil ($173/sf). The acquisition was made as an investment for an institutional investor through a separate account managed by CenterSquare. It was sold by 770 L Street Investment Group Inc.
Constructed in 1984, 770 L Street is currently 71 percent leased. 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 (LEED) Gold certification from the U.S. Green Building Council, a certification attesting to the energy efficiency of the building.
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.
“This investment reflects our focus on top-tier secondary markets that are poised for growth and beginning to attract significant capital flows,” said Jeff Reder, senior vice president, private real estate, for CenterSquare. “We were able to acquire a high-quality, well-located downtown building at a compelling basis.”
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