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Sign in Sign up for a FREE subscriptionManulife US REIT sells premier office tower in Sacramento for $117m
Manulife US REIT has completed the $117 million sale of 400 Capitol Mall, a class A, 501,308-square-foot trophy office tower in Sacramento that is largely considered the top-performing asset in the Downtown submarket.
JLL represented the seller in the transaction. PacWest Equities, an affiliate of Buzz Oates, acquired the asset in an all-cash deal.
The 29-story tower has maintained an impressive nearly 90 percent historical occupancy over the past 25 years and its resilience is further evidenced by robust recent leasing activity with 232,000 square feet of leases signed since 2020.
The property’s ability to attract, and retain, a roster of blue-chip tenants, including Wells Fargo, Morgan Stanley, PwC, Deloitte and Orrick speaks to its quality and appeal as top-tier assets continue to command strong interest, even in a challenging office market.
The trophy tower is located in the heart of Downtown Sacramento and boasts a five-story, 1,094-space parking g