Renaissance Tower at 801 K Street, Sacramento, CA |
Monday, October 28, 2024
Renaissance Tower Sold
Thursday, October 10, 2024
Colliers Sacramento Office Snapshot: Q3 2024
Vacancy have moved higher according to Colliers Sacramento 3rd
quarter report. Colliers states that because the State of California is
vacating 278,000 square feet across four buildings, occupancy losses have
pushed higher but there is hope of a recovery in mid-2025.
Two Downtown buildings sold at substantial discounts,
reflecting the office sector’s pricing reset. Ethan Conrad Properties acquired
770 L Street for $22.5 million ($132/SF), a 52% drop from when New York Life
bought it in 2018. Ethan Conrad also purchased 630 K Street for $10.3 million
($119/SF), a 63% drop in value since early 2020. An affiliate of Buzz Oates is
reportedly under contract to acquire 400 Capitol Mall from Manulife for $117
million, which would be a 41% decline from the 2019 purchase price. 801 K
Street, which is only 27% leased, is going up for auction on October 21 at an
$8.5 million starting bid. It sold for $79.2 million in 2016.
Wednesday, October 02, 2024
Wells Fargo Tower Sold
The decline of downtown Sacramento and the office market is now more clear than ever. As reported by KCRA 3, Sacramento's tallest tower has sold for a steep decline, a 67% drop in value from what it was most recently sold for. The tower was originally constructed for $120 million in 1992 and sold in 2000 for $130 million. The building was later resold again to to Hines’ Core Fund in 2007 for $237,250,000 million. The 501,308-square-foot was most recently sold to an all-cash buyer for $117 million.
Subscribe to:
Posts (Atom)