Exclusive: Sacramento Office Asset Lands Refi

Ethan Conrad Properties has received $25 million in refinancing for 770 L Street, a 170,267-square-foot office property in Sacramento, Calif., according to Yardi Matrix information. WaFd Bank issued the note.

The owner acquired the asset two years ago for $22.5 million or roughly $132 per square foot, the same data provider shows. New York Life Real Estate Investors sold the property.

Located in an Opportunity Zone in downtown Sacramento, 770 L Street is just off Capitol Mall Boulevard and close to Golden 1 Center and the State Capitol. Multiple transportation and dining options are within walking distance.

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The LEED Gold-certified 14-story office building opened in 1984 and underwent complete renovations in 2004. Floorplates measure 11,709 square feet. The property features a four-level parking structure with more than 300 spaces, five passenger elevators, 24-hour security and on-site management.

State of California High-Speed Rail Authority anchors the property with 82,774 square feet. The tenant roster also includes Consumer Attorneys of California, National Nurses United and Technology Integration Group. CBRE oversees leasing.

Challenging phase ahead

Commercial property market trends show the office sector is expected to enter a challenging phase, as $289.2 billion worth of credit will mature by the end of 2028, a recent report reveals. That amounts to 33.5 percent of total loan volume for 14,000 office properties across the U.S.

A total of 14 office assets have changed hands across Sacramento, Calif., in the first nine months of 2026, according to Yardi Matrix. The transaction volume amounted to roughly $140 million, or $212 per square foot. This marked a slight increase compared to the same period last year, which totaled $130 million in office deals.

National sales volume landed at $42.7 billion across 1,850 deals so far this year, with the average per unit price clocking in at $205.