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US Bank Plaza Sold for $112.5M

Shorenstein Purchases Class-A Downtown Office Building
By Esperanza Tuthill
January 24, 2003 | 7:59 P.M.

Shorenstein Co. LP purchased the US Bank Plaza at 980 9th St. in Sacramento. The Class-A property sold for $112.5 million or about $248 per square foot, with an 8.5 percent cap rate. Built in 1992, the 380-foot high, 25-story office building totals 453,901 square feet and includes a 5-story, 19,409-square-foot parking garage. The building amenities include banking, conferencing facility, convenience store, food service, restaurant, day care, dry cleaning and exercise facilities. In addition, there is on-site management, 24-hour staffed security, observation cameras and control card access. Shorenstein Co. LP represented itself in-house. Michael Zietsman, Lonnie Vidaurri and David R. Brown of Lehman Brothers in Los Angeles represented the seller, Grosvenor Americas Ltd. Please reference COMPS #SAC-06291-01-0320 for more information.

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