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downtown Sacramento landmark is getting a facelift after Ethan Conrad Properties closed escrow on the Renaissance Tower. The real estate firm purchased the 28-story office building at 801 K Street for $21.4 million, significantly less than its 2016 sale price of $80 million.
Ethan Conrad Properties had previously won an auction for the property and plans to attract new tenants by offering lower rent prices. "When I can buy something at a good price and offer great deals to tenants, it's a win-win," said CEO Ethan Conrad.
The company will invest in renovations, including LED lighting and lobby remodels, to make the building more attractive. The Renaissance Tower boasts 338,410 square feet of space and 500 garage parking spots. "This acquisition solidifies our position as a leader in commercial real estate and reinforces our commitment to Sacramento's future," Conrad said.
The property joins two other buildings owned by Ethan Conrad Properties within the same block at 630 K Street and 770 L Street.
