PacWest makes largest office purchase in Sacramento in 5 years, closing deal for $117 million

The 29-story building has a total of 501,308 square feet and offers a fitness center, valet parking, vehicle detailing, an outdoor pool, a restaurant and café, and a conference center. In addition, the five-story garage can accommodate nearly 1,100 spaces.

“The sale of 400 Capitol Mall not only represents a significant investment in the Sacramento office market, but further illustrates the trend of a flight to quality and the divergence between high- and low-quality assets in the current market landscape.” This was announced by JLL Managing Director Adam Lasoff.

And while there are offices trading at lower prices than before the pandemic, costs in Western markets tend to be higher. Notably, San Francisco continues to be one of the most expensive office markets in the country, with average asking rents of $67.33 per square foot in the third quarter, according to a report from Commercial Edge. The city lags slightly behind Manhattan’s average of $67.93 per square foot.