Multi-tenant office building in Sacramento trades for $55.1m

A joint venture between Soma Capital Partners and Hazelview Investments has sold 925 L St., a class A, multi-tenant office building totaling 168,844 square feet in downtown Sacramento, Calif.

A partnership between Seagate Properties and Cottonwood Group paid $55.1 million.

925 L Street is a 13-story, LEED® Gold office building that is located adjacent to the state capitol in the heart of Sacramento’s Government Affairs district. The tower is 94 percent occupied and has 4.7 years of weighted average lease term, with 63 percent of the building leased to investment-grade tenants, including the State of California.

Prior to sale, ownership had signed a 13-year lease with a large state tenant demonstrating the mission-critical location adjacent to the state capitol.