Shorenstein Buys Sacramento Tower for $161MM

Golden One Center, Britannia Pacific Properties, David S. Taylor Interests, Shorenstein Properties, San Francisco, U.S. Bank Tower, Northern California, Sacramento, JLL

(EDITOR’S NOTE: The sales price of the property was approximately $161 million, as stated by sources that track the sale of office buildings in that market. The investment represents the only office building that Shorenstein currently owns in the Sacramento market, as stated by the investor on its web site. Shorenstein declined to comment when contacted for this story. It made this investment for one of its commingled funds, Shorenstein Realty Investors Eleven. The office building has a current occupancy in the mid 90 percent range. The downtown Sacramento office market has seen rental rate growth of 15 percent over the past two to three years. Current vacancy in the Class A market is now around 9 percent.)

JLL brokered sale punctuates increasing investor demand in Sacramento

The Sacramento-based JLL Capital Markets team of Northern California announced the sale of U.S. Bank Tower at 621 Capitol Mall in Sacramento. The 25-story office tower sold yesterday to a fund sponsored by Shorenstein Properties of San Francisco. JLL represented the seller, a venture of well-known Sacramento developer David S. Taylor Interests and Britannia Pacific Properties. Taylor developed the Class A building, which was completed in 2008.

Golden One Center, Britannia Pacific Properties, David S. Taylor Interests, Shorenstein Properties, San Francisco, U.S. Bank Tower, Northern California, Sacramento, JLLThe 366,000 square foot office tower is located immediately south of the Golden One Center, which opened in late 2016, and three blocks west of the state capitol. The building’s prime location and high quality has attracted a mix of globally and regionally based tenants that include law firms, government agencies and tech companies. The property also features more than 23,000 square feet of fully occupied retail and restaurant space, to include Morton’s The Steakhouse, and a large parking structure that services both the property and the Golden One Center.

“621 Capitol Mall is one of highest caliber assets in Sacramento and the West Coast,” said Rob Cole, Executive Vice President of JLL in Sacramento. “David Taylor and his team have done a phenomenal job creating and maintaining a world-class asset,” added Cole, who led the international marketing effort with colleagues Rob Hielscher, Alan Stevenson and Michel Seifer.

“David S. Taylor Interests has been a great long-term partner and developed a best-in-class property,” added Hector M. Caldera, Managing Director of Britannia Pacific Properties. “Sacramento 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.”

Photography courtesy of Todd Quam of Digital Sky Aerial Imaging.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About Britannia Pacific, Inc.
Britannia Pacific Properties, Inc., is headquartered in Sacramento and is the U.S. real estate investment arm of UK & European Investments, which is wholly-owned by the Lewis Trust Group. The Lewis Trust Group, is one of the largest privately owned companies in the U.K. with extensive global investments in retail, private equity, real estate, wealth management, and hotels. The Group has been investing in U.S. real estate directly and through joint ventures with local development partners since the 1980’s. For further information, visit www.ukandeuropean.com/

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