{"id":1004203811,"date":"2018-01-16T03:06:20","date_gmt":"2018-01-16T11:06:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203811"},"modified":"2022-12-08T06:51:24","modified_gmt":"2022-12-08T14:51:24","slug":"shorenstein-snags-us-bank-tower-in-sacramento","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-snags-us-bank-tower-in-sacramento\/","title":{"rendered":"Shorenstein Snags US Bank Tower in Sacramento"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"621<\/a>

U.S. Bank Tower in Sacramento<\/p><\/div>\n

A fund sponsored by Shorenstein Properties has acquired the U.S. Bank Tower, a 25-story Class A office high-rise in Sacramento, Calif., from a joint venture of David S. Taylor Interests and Britannia Pacific Properties.<\/p>\n

JLL\u2019s\u00a0capital markets\u00a0team represented the seller in the transaction, who completed the development of the building in 2008.\u00a0<\/p>\n

\u201c621 Capitol Mall is one of highest caliber assets in Sacramento and the West Coast,\u201d <\/em>Rob Cole, JLL\u2019s executive vice president in Sacramento, said in a prepared release. \u201cDavid Taylor and his team have done a phenomenal job creating and maintaining a world-class asset.\u201d<\/em><\/p>\n

Joining Cole on the JLL team were Managing Directors\u00a0Rob Hielscher\u00a0and\u00a0Michel Seifer,\u00a0and Vice President Alan Stevenson.\u00a0<\/p>\n

Strong location<\/strong><\/h2>\n

Located at 621 Capitol Mall, the 366,000-square-foot office tower is situated just south of the Golden One Center and is just three blocks west of the state capitol. According to JLL, the prime location of the building, combined with the high quality of the asset resulted in great interest in the property.<\/p>\n

The building\u2019s tenant roster includes law firms, government agencies and tech companies.<\/p>\n

\u201cDavid S. Taylor Interests has been a great long-term partner and developed a best-in-class property,\u201d <\/em>Hector Caldera, Britannia Pacific Properties\u2019 managing director, said. \u201cSacramento has been a great investment market for the group and we look forward to recycling the proceeds into other local developments over the next few years.\u201d<\/em><\/p>\n

The property also boasts more than 23,000 square feet of fully occupied retail and restaurant space and offers a large parking structure that services both the property and the Golden One Center.\u00a0<\/p>\n

In June, Shorenstein acquired a recently renovated 54-unit apartment building in Manhattan\u2019s East Village neighborhood for $57 million. That same month, the company signed luxury retailer Vince Camuto-owned VCS Group LLC to a 42,748-square-foot, 10-year lease at 1407 Broadway, its Midtown Manhattan office and retail<\/a> high-rise.<\/p>\n

According to Colliers\u2019 latest Sacramento Office Report, overall average asking rates rose to $1.90 for all classes, an increase of 4.4 percent year-over-year, while average asking rates for downtown Class A assets reached $2.91 per square foot, just 5.8 percent shy of the pre-recession peak of $3.08 in Q4 2007.<\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With help from JLL, a joint venture between David S. Taylor Interests and Britannia Pacific Properties sold the 25-story Class A office high-rise at 621 Capitol Mall.<\/p>\n","protected":false},"author":451,"featured_media":1004203814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,36080,15],"tags":[32763,32796,33448],"class_list":["post-1004203811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-sacramento","category-west","tag-colliers-international","tag-jll","tag-shorenstein-properties"],"acf":[],"yoast_head":"\nShorenstein Snags US Bank Tower in Sacramento - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-snags-us-bank-tower-in-sacramento\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shorenstein Snags US Bank Tower in Sacramento\" \/>\n<meta property=\"og:description\" content=\"With help from JLL, a joint venture between David S. 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