SACRAMENTO-San Francisco-based Shorenstein Co. has signed a letter of intent to buy U.S. Bank Plaza, one of Sacramento’s most prestigious high-rise buildings, from Grosvenor Americas Ltd.

U.S. Bank Plaza is a 25-story, 427,000-sf property located on Ninth and J streets. The building’s three main tenants are U.S. Bank, California Department of Managed Care and Investors Bank and Trust.

Shorenstein tied up the property after Grosvenor’s deal with McCarthy Cook & Co. and Charlesbank Capital Partners LLC fell through last week. Sources say the would-have-been buyers were reluctant to take the investment risk given the current economy. Walton Street Capital and Equity Office Properties Trust were also bidding on the property but a deal was not reached.

According to local sources, Grosvenor received a great deal of interest in the property. The agreed-sale price between Grosvenor and Shorenstein will likely not be made available until the transaction closes. Shorenstein is currently in the due diligence process. The asking price was $120 million.

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