New York Life Buys Office Building in Sacramento for $44.5MM

San Francisco, New York Life Real Estate Investments, Sacramento, AMP Capital Advisors, San Jose, Cushman & Wakefield, Northern California Capital markets, Education Audit Board, Mpower, Alta Vista Solutions, JEA Associates

By Jon Peterson

The San Francisco office of New York Life Real Estate Investments has paid $44.5 million, or $261 per square foot, to acquire the 170,267 square 770 L Street office building in downtown Sacramento, as stated by sources that track the sale of office buildings in Sacramento.

New York Life did not respond to questions for this story.

The seller of the property was AMP Capital Advisors. It worked on the sale with the San Francisco and San Jose offices of Cushman & Wakefield through its Northern California Capital markets team. This included George Eckard, Steve Hermann, Seth Siegel, Adam Lasoff and Eric Fox. Cushman & Wakefield declined to comment when contacted for this story.

The seller had controlled ownership of the property since August of 2013. It had acquired the property for $29.4 million, according to published reports.

770 L Street is considered to be a Class A property. It is currently 92 percent leased. Some of the current tenants in the property include Education Audit Board, Mpower, Alta Vista Solutions and JEA Associates. The office building has a total of 14 floors. This includes 9 levels of office space and a four-level parking structure. There is valet parking available at a ratio of 2 per 1,000 square feet.

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