{"id":1004400182,"date":"2020-03-16T05:41:26","date_gmt":"2020-03-16T13:41:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004400182"},"modified":"2020-03-16T05:41:26","modified_gmt":"2020-03-16T13:41:26","slug":"swift-sells-downtown-sacramento-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/swift-sells-downtown-sacramento-office-building\/","title":{"rendered":"Swift Sells Downtown Sacramento Office Building"},"content":{"rendered":"<div id=\"attachment_1004400185\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004400185\" data-attachment-id=\"1004400185\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/swift-sells-downtown-sacramento-office-building\/630-k-street-image-courtesy-of-cushman-wakefield\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"630 K Street. Image courtesy of Cushman &#038; Wakefield\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg?w=800\" class=\"wp-image-1004400185 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/630-K-Street.-Image-courtesy-of-Cushman-Wakefield.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004400185\" class=\"wp-caption-text\">630 K Street. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p><\/div>\n<p>Five years after acquiring the office building at 630 K St. in Sacramento, Swift Real Estate Partners has sold the asset to New York Life Real Estate Investors for $28.1 million, according to Sacramento County files. The company relied on Cushman &amp; Wakefield to market the approximately 87,000-square-foot property and provide representation in the sale transaction.<\/p>\n<p>A team from Cushman &amp; Wakefield&#8217;s Northern California Markets Group\u2014including Adam Lasoff, Seth Siegel, Steve Hermann, Ryan Venezia, Eric Fox Ron Thomas and Kevin Partington\u2014facilitated the sale on Swift&#8217;s behalf. Located just across from the 17,500-seat Golden 1 Center sports and entertainment arena in downtown Sacramento&#8217;s burgeoning DOCO, or Downtown Commons, area, 630 K first opened its doors in 1956 as a retail building. In 1978, the property underwent a conversion and emerged as an office destination.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-sacramento-tower-for-166m\/\">Hines Sells Sacramento Tower for $166M<\/a><\/p>\n<hr>\n<p>Today, the five-story structure is adorned with two wall billboard spaces and features roughly 62,300 rentable square feet of Class B office space, as well as 22,700 square feet of fully leased retail offerings on the basement and ground levels. Swift submitted the asset to a cosmetic renovation soon after the 2015 purchase. New owner NYL REI, which acquired 630 K on behalf of an institutional client, has its own plans for the asset. The firm will invest a substantial amount of capital in the repositioning of the property, where Cushman &amp; Wakefield will oversee leasing and management activity.<\/p>\n<h2><strong>Catering to a Hungry Market <\/strong><\/h2>\n<p>The reintroduction of 630 K as a premier office asset with sizeable full floor and contiguous floor options will likely prove a timely move, as demand for space remains strong after the market&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/sacramento-office-report-fall-2019\/\">solid performance in 2019<\/a>.<\/p>\n<p>The vacancy rate dropped to 8.3 percent in the fourth quarter and positive net absorption totaled 368,000 square feet, according to a report by Cushman &amp; Wakefield. And experts predict that conditions will only get better in 2020. <em>&#8220;Demand will remain strong and large requirements will struggle to find competitive options, particularly for tenants Downtown,&#8221;<\/em> Cushman &amp; Wakefield notes in the fourth quarter report. <em>&#8220;Class A space in the CBD will be particularly hard to source as tenants remain willing to pay a premium to be close to the increasing amenities in the surrounding area.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield orchestrated the sale of the five-story property to New York Life Real Estate Investors five years after it last traded.<\/p>\n","protected":false},"author":969,"featured_media":1004400185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,36080,15],"tags":[32799,33542,34208],"class_list":["post-1004400182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-sacramento","category-west","tag-cushman-wakefield","tag-new-york-life-real-estate-investors","tag-swift-real-estate-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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