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Seagate Snags Iconic Sacramento Asset from Swift for $47M
San Rafael, CA-based Seagate Properties, Inc. acquired The Senator, a 180,123-square-foot landmark office building located directly across from the State Capitol in Sacramento for $46.9 million. The 10-story property at 1121 L St. was 88% leased at the time of sale, and was divested by San Francisco-based Swift Real Estate Partners.
Built in 1924 as an Italian Renaissance-style hotel, The Senator was a mainstay of California political and social activity for more than 50 years before it was converted to an office building in 1982. Swift acquired the building in 2015 and began a renovation program to appeal to creative office space users, which Seagate plans to continue. The property is located within a Qualified Opportunity Zone.
JLL’s Alex Witt, John Manning and Tom Gilliland worked with Seagate Properties to arrange acquisition financing. JLL’s Rob Hielscher, Michel Seifer and Erik Hanson represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


