Pennsylvania-based CenterSquare Investment Management, the real estate manager for BNY Mellon, said today that it has acquired the downtown Sacramento office building at 770 L St. for $29.4 million.
The building was purchased from 770 L Street Investment Group Inc.
CenterSquare said the deal was made as an investment for an institutional investor through a separate account managed by CenterSquare.
Officials said the 170,000-square foot building, constructed in 1984, is 71 percent leased.
The building has Leadership in Energy and Environmental Design gold certification from the U.S. Green Building Council.
CenterSquare cited the building's proximity to the Capitol and the proposed construction of a new downtown arena and surrounding development.
"This investment reflects our focus on top-tier secondary markets that are poised for growth and beginning to attract significant capital flows," said Jeff Reder, senior vice president, private real estate, for CenterSquare.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corp.
Call The Bee's Mark Glover, (916) 321-1184.