/

|

PacWest Equities, an affiliate of Buzz Oates, acquired 400 Capitol Mall, a Class A, 501.3k sf trophy office tower in downtown Sacramento, for $117 mil ($233/sf) in an all-cash deal. The transaction represents the largest office sale in Sacramento in almost five years.

The 29-story tower has maintained an impressive nearly 90% historical occupancy over the past 25 years and its resilience is further evidenced by robust recent leasing activity with 232k sf of leases signed since 2020.

The property is considered the top performing asset in the Downtown submarket. Its 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.