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Sacramento Icon Park Tower Goes for $165M

The $165.5 million purchase price is a high number because Park Tower is one of the larger towers in downtown, but on a price per square basis, it was actually lower than the last class-A building sold, 400 Capital Mall.

Park Tower Park Tower is located at 980 9th St. and 1010 8th St., a short walk from the California state capitol.

SACRAMENTO—Park Tower, a 489,171-square-foot class-A downtown office building, was recently acquired for a commanding $165.5 million by Prime US REIT. As one of the tallest buildings in Sacramento, the office asset consists of 24 stories of office space, retail and parking garage space.

KBS serves as the US-based asset manager for the portfolio which included identifying and sourcing this asset on behalf of the portfolio.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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