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Publish Date : 16-Aug-2013

CenterSquare Investment Management, the real estate manager for BNY Mellon, has announced the acquisition of the 770 L Street office building in Sacramento, California, for $29.4 million. Additional terms of the transactions were not disclosed.

The office building was purchased from 770 L Street Investment Group Inc. The acquisition was made as an investment for an institutional investor through a separate account managed by CenterSquare.

770 L Street is a 71-percent leased Class A, 170,000 square-foot office building constructed in 1984. It comprises nine stories of office space and an integrated four-level parking garage. Previous ownership committed significant capital to building improvements and obtained Leadership in Energy and Environmental Design (LEED) Gold certification from the U.S. Green Building Council, a certification attesting to the energy efficiency of the building.

The property is located less than two blocks from both the California State Capitol Building and Sacramento's planned Entertainment and Sports Complex. Preliminary plans for the complex call for the redevelopment of the Sacramento Downtown Plaza into a new arena for the Sacramento Kings NBA franchise and the construction of up to 1.5 million square feet of offices, retail space, housing, and hotels.

"This investment reflects our focus on top-tier secondary markets that are poised for growth and beginning to attract significant capital flows," said Jeff Reder, senior vice president, private real estate, for CenterSquare. "We were able to acquire a high-quality, well-located downtown building at a compelling basis."

CenterSquare was founded in 1987 under the name "Urdang" with an exclusive focus on institutional investment grade real estate. CenterSquare offers a variety of strategies and products, managing approximately $6.2 billion in public real estate securities through CenterSquare Investment Management, Inc. and approximately $2.1 billion (gross) in debt and private equity real estate investments through CenterSquare Investment Management Holdings, Inc. (together referred to as "CenterSquare"). It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. CenterSquare's research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Investment Management.

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