Located four blocks from the State Capitol building, theproperty is approximately 85% leased and occupied. Agencies of theState of California occupy more than 70% of the property's netrentable area. The seller acquired the property from Triple NetProperties in 2005 for approximately $79.4 million. Triple Netacquired the property in March 2004 for $65.8 million


The asset was marketed as a value-add opportunity. Theopportunity includes leasing the vacant space, which includes a12,000-sf street-level space that previously housed a restaurant,and the ongoing redevelopment of the K Street pedestrian mall,which is improving the adjacent public areas.


Michel Seifer and Rob Hielscher of Jones Lang LaSalle's SanFrancisco office had the disposition assignment. Jason Goff andDrew Petersen of Jones Lang LaSalle's Sacramento officeassisted.


San Antonio-based USAA Real Estate sponsors fund and separateaccount investments on behalf of foreign and domestic institutionalinvestors. It controls approximately $4 billion in owned andmanaged assets. Canada-based SITQ is a real estate investment,management and development firm that owns 35 million sf in 114properties with a combined value of approximately $10 billion.

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