JLL Closes $55M Sale of Sacramento Office Building

Seagate Properties and Cottonwood Group have partnered in the $55 million acquisition of 925 L St., a Class-A, multi-tenant office building in downtown Sacramento, CA. JLL Capital Markets arranged the transaction, representing the seller, a JV between Soma Capital Partners and Hazelview Investments.

The 13-story, 169,000-square-foot building is LEED Gold certified, and sits adjacent to the state Capitol in the heart of Sacramento’s Government Affairs district. The 94%-occupied tower has 4.7 years of weighted average lease term with 63% of the building leased to investment grade tenants, including the State of California. Prior to the sale, ownership had signed a 13-year lease with a large State tenant, demonstrating the location’s obvious benefits.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Rob Hielscher, Senior Director Erik Hanson and Director Nick Deaver.