Sacramento LEED Platinum Office Asset Commands $127M
- Jul 09, 2019
A joint venture between The Evergreen Co. and UAIC Development Corp. has acquired Emerald Tower, a 385,844-square-foot Class A office asset in Sacramento, Calif., for $127 million, according to Yardi Matrix. JLL Capital Markets worked on behalf of the seller, a partnership between Hines and Sterling Equities.
Located at 300 Capitol Mall, the office building is next to the intersection of Lincoln Highway and Interstate 5 in downtown Sacramento. The property is 10 miles from Sacramento International Airport.
The 18-story tower was constructed in 1985 on 2.4 acres and was most recently renovated in 2009. The asset achieved LEED Platinum certification in 2015, owing to a wide array of green features implemented by the previous owner. At the time of the sale, the building was 91.8 percent leased to a mix of tenants including the California State Controller’s Office, Department of Insurance and Public Utilities Commission.
The JLL Capital Markets team included Managing Directors Michel Seifer and Rob Hielscher, Senior Vice Presidents Erik Hanson and Senior Vice President Cheri Pierce and Associate Michael Manas. In June, the firm secured a $68 million loan on behalf of Levcor Inc. to refinance a Houston entertainment center.