High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Bay Area  + Office  | 

Hines JV Divests Sacramento’s Evergreen Tower

Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.

Investor interest in Sacramento’s downtown office market continues to sizzle. A joint venture between The Evergreen Company and UAIC Development Corporation acquired The Emerald Tower from a JV between Hines and Sterling Equities for reportedly $127 million. The 385,844 square foot Class A building, which is currently 91.8% leased, traded for an undisclosed amount.

Built in 1985, the 18-story property is certified LEED Platinum and boasts a roster of credit-worthy, long-term tenants, including the headquarters of the California State Controller’s Office, Department of Insurance and Public Utilities Commission. The location on Capitol Mall, just a block from Downtown Commons (DOCO) and the Golden 1 Center, is near transportation and offers appealing view corridors.

Michel Seifer, Rob Hielscher, Erik Hanson, Cheri Pierce and Michael Manas of JLL represented the sellers.

Seifer says, “Investors continue to warm to downtown Sacramento’s tightening office market, where trophy assets can still be purchased at per square foot prices well below those seen in San Francisco and even Oakland.”

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With The Evergreen CompanyConnect With HinesConnect With JLL’s Seifer

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action