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Ethan Conrad Purchases 770 L Street Office Building In Sacramento From New York Life For $22.5M

Property Image
SOLD
$22,500,000

California

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Office170,000 SF
Sold 09/06/2024
the dealdetailscomps
Property Image
SOLD

Ethan Conrad Purchases 770 L Street Office Building In Sacramento From New York Life For $22.5M

770 L Street

See Similar Deals
Office170,000 SF
Sold 09/06/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$132
Total Square Footage:170,000 SF
Transaction Type:Sale

Ethan Conrad purchased a 13-story office building located at 770 L Street in Downtown Sacramento for $22.5 million. The building encompasses a total area of 170,000 square feet and has a current occupancy rate of 75%. The transaction involved a short sale from New York Life Insurance Company, which previously owned the asset, indicating a significant price drop from its last sale of $44.5 million in 2018.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $22,500,000
  • Address: 770 L Street
  • Market: Sacramento
  • Square Footage: 170,000
  • Price Per Square Foot: $132
  • Buyer: Ethan Conrad
  • Seller: New York Life Insurance Company

Ethan Conrad's strategy includes remodeling the office building and boosting occupancy with pending leases. The acquisition reflects Conrad's investment focus in the Sacramento market.

Details

SOLD
IMAGE: Ethan Conrad DATE: 09/06/2024 ADDRESS: 770 L Street MARKET: Sacramento ASSET TYPE: Office BUYER: Ethan Conrad SELLER: New York Life Insurance Company SALE PRICE: $22,500,000 SF: 170,000 ~ PPSF: $132 NOTE: Ethan Conrad purchased the 13-story office building at 770 L St. in Downtown Sacramento for $22.5 million, aiming to boost occupancy above its current 75% with pending leases. Conrad plans to remodel the 170,000-square-foot building, which previously sold for $44.5 million in 2018, after acquiring it in a short sale from New York Life Insurance and Wells Fargo Bank.

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