A new office-condo project at one of downtown Sacramento's prime intersections has found its first buyer.
The non-profit California Association of School Business Officials is acquiring the fifth floor of the completely remodeled, former Roos Atkins department store at 10th and K streets.
The sales price for the 7,700-square-foot space: "Just a little below" $2.47 million, says Greg Levi, a CB Real Estate broker representing the building's owner, Trancas Ventures of Napa.
Levi says he expects "one or two sales a month" following completion of a $4.5 million renovation on the historic, six-story building, which is across from the new Cosmopolitan Cabaret nightclub and cafe.
The office condo's main appeal: Buyers obtain sleek Class A space and pay no more in monthly mortgage payments than they'd spend leasing comparable digs, Levi says, while gaining equity, appreciation and tax savings.
The target market is lobbyists who want to own their own space a block from the Capitol, says Jim Brennan, a Trancas adviser.
In fact, he says the building has been renamed K-Street West, a play on the reputation of K Street in Washington, D.C., home to many of the nation's top lobbying firms.
"This is (positioned as) the West Coast counterpart to Washington and it's in Sacramento, not L.A. or San Francisco," Brennan says. "The lobbyists love that."
For the rest of Bob Shallit's column, see Saturday's "Our Region" section. Reach Shallit at (916) 321-1049. Back columns: www.sacbee.com/shallit
