Sacramento’s The Ziggurat Trades for $90MM, Marks Largest Office Transaction Since Pandemic Began

CBRE, Sacramento, Nome Ventures, Citigroup Capital Markets, The Zigggurat, Zurich Alternative Asset Management, State of California Department of General Services
Courtesy of CBRE.

Sacramento, Calf. – July 29th, 2021 – CBRE facilitated the acquisition financing in Nome Ventures’ $90 million purchase of The Ziggurat office building in Sacramento. (Ed. Note: Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan and Eric Fox of Cushman & Wakefield represented the buyer and seller on the deal.)

CBRE’s Greg Grant arranged the $59 million loan, provided by Citigroup Capital Markets, on behalf of the buyer. Nome Ventures purchased the property from Zurich Alternative Asset Management. 

The 373,725 square-foot office property, located at 701-707 3rd Street, is a pyramid shaped structure and one of Sacramento’s most recognizable and iconic buildings. It is 100 percent leased to the State of California, Department of General Services, which has been headquartered at the building since 2001 and recently renewed its lease.  

The transaction included the 10-story, 373,725 square-foot office building and adjacent six-story parking structure.

 “The Ziggurat is an iconic, institutional-quality office building, and the investment is consistent with Nome’s strategic growth initiative on the West Coast,” said Grant. “We saw strong lender demand for this opportunity given the quality of the asset, durable in-place cash flow and experienced sponsorship through Nome Ventures.”

This was Nome’s second office acquisition in Sacramento this year, having acquired an office campus at 1625 & 1747 North Market in April for which CBRE also arranged financing. 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

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