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

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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.

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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.

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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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