Nome Lands Noteworthy Ziggurat for $90M

Nome Ventures recently purchased the Ziggurat office building in Sacramento from Zurich Alternative Asset Management. The purchase price for the iconic building was $90 million.

The 373,725-square-foot office property, located at 701-707 3rd St., is a pyramid-shaped structure and one of Sacramento’s most recognizable buildings. It is 100 percent leased to California’s Department of General Services, which has been headquartered at the building since 2001 and recently renewed its lease. The transaction included the 10-story office building and adjacent six-story parking structure.

CBRE facilitated the acquisition financing on behalf of the buyer. Greg Grant arranged the $59 million loan provided by Citigroup Capital Markets.

“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 and 1747 North Market in April for which CBRE also arranged financing.