Seagate Properties, Inc., has purchased The Senator, a 180,123-square-foot office building across from the Capitol in Sacramento, for $46.9 million.
The property, located at 1121 L St., was 88 percent leased at the time of sale, according to the Dec. 28 announcement from the San Rafael-based real estate investment and management company.
Built in 1924 as an Italian Renaissance-style hotel, The Senator is said to have been a mainstay of California political and social activity for more than 50 years before it was converted to an office building in 1982. The seller, Swift Real Estate, acquired the building in 2015 and began a renovation program to update the building’s vacant tenant spaces to appeal to creative office space users.
Seagate said it plans to continue the creative office improvements to the vacant tenant spaces. Other planned upgrades include new bike storage, a restaurant tenant for the ground floor, lobby updates, new outdoor seating, common area upgrades and possibly a new fitness center with showers.
This is Seagate’s second recent acquisition in the Sacramento region. In August, the company purchased Creekside Oaks, a 178,695-square-foot office complex in South Natomas.
Helping Seagate secure acquisition financing were Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets. Brokering the deal for the seller, Swift Real Estate Partners, were Rob Hielscher, Michel Seifer and Erik Hanson of JLL. The leasing team will remain Alexis Garrett and Greg Levi of JLL.