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Hines JV Divests Sacramento’s Evergreen Tower
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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
- ◦Sale/Acquisition


