Real Estate News

Sacramento’s prominent U.S. Bank Tower sold to Bay Area investment group

A San Francisco real estate investment company has purchased the 25-story U.S. Bank Tower just south of Golden 1 Center.

Sacramento-based development firm David S. Taylor Interests Inc. and Britannia Pacific Properties real estate agency sold the skyscraper Wednesday to a fund sponsored by Shorenstein Properties, according to a news release distributed Thursday morning. Terms of the sale were not disclosed.

“David S. Taylor Interests has been a great long-term partner and developed a best-in-class property,” Britannia Pacific Properties managing director Hector M. Caldera said in the release. “Sacramento has been a great investment market for the group and we look forward to recycling the proceeds into other local developments over the next few years.”

The 366,000-square-foot building at 621 Capitol Mall was completed in 2008. It’s the second-tallest building in Sacramento at just over 400 feet, with the Wells Fargo Center taking the top spot, and includes dozens of offices as well as more than 23,000 square feet of retail and restaurant space.

Shorenstein owns Twitter’s headquarters in San Francisco as well as large properties in 22 other cities. The U.S. Bank Tower is the company’s only Sacramento investment.

Benjy Egel: 916-321-1052, @BenjyEgel