Sacramento – February 16, 2016 – CBRE Group, Inc. was selected to lease 428 J Street, the historic Traveler’s Building, in Sacramento, California for 428 Associates, LP. Lisa Stanley, First Vice President, will lead this assignment for CBRE.
CBRE’s first initiative was to change the name to 428 J Street, reflecting the iconic property’s redevelopment into a dynamic and contemporary working environment for both creative and traditional office users.
The 92,000-square-foot building provides historical elegance juxtaposed with modern office building finishes including an updated exterior façade and sustainable upgrades to building systems. 428 Associates, LP purchased the asset in 2006 with a long-term hold strategy and ample capital to fund transactions and plans for improvements and enhancements. Interior renovations include a complete lobby and common area overhaul with high-quality finishes and contemporary design. Work will commence in June of 2016 and space will be ready for tenant occupancy in the first quarter of 2017.
“We are very pleased to embark on this re-development project at 428 J with the Owner, CBRE, and our team of architects, engineers and contractors to transform this historic property into a contemporary, iconic location for retail and office tenants,” said John Brennan of Sponsor Properties, LLC who will oversee project construction and management. “The project will entail a re-investment of over $11 million and bring the building systems up to today’s modern and efficient standards. We will attract tenants seeking open and efficient workspaces with design features that embrace the historic aspects of the building while offering the latest efficiencies of the modern workplace. Meanwhile, the ground floor and lower level retail will become amenities for the building tenants and also thrive off the re-development projects surrounding 428 J.”
The eight-story, Class A building at 428 J Street offers floor plates of approximately 11,500 square feet for both office and retail users. Abundant amenities are within walking distance including the new Golden 1 Center and Downtown Commons (“DoCo”). With dozens of nearby restaurants and retail amenities, the building is positioned on one of the most prominent corners in the heart of the downtown neighborhood. The property also offers convenient freeway access and is walking distance from the Sacramento Amtrak station for commuters from the Bay Area.
“428 J has long been a popular location for law firms with its proximity to the courthouse, but now, being right between two of the most significant developments in the Greater Sacramento Area (The Railyards and the new Entertainment & Sports Complex), 428 J Street is ideal for any tenant looking to be at the epicenter of downtown development and activity,” said Stanley. “Tenants are now searching for unique and creative office space and while there are a handful of quality historical buildings that have been reintroduced to the market, none compare to size, scope and visibility of the 428 J redevelopment.”
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.