The Board of Equalization, the state of California’s elected tax commission, will maintain offices within the Gateway Corporate Center after renewing its 66,593-square-foot lease at 160 Promenade Circle near downtown Sacramento.
With a combined 235,193 square feet of rentable office space, Gateway Corporate Center includes two, three-story, Class A office buildings. The center is owned by Newport Beach, CA-based KBS Real Estate Investment Trust II. Featuring modern exteriors of masonry and glass, supported by steel-frame structures, both buildings are appointed with elegantly finished cherry wood wainscot and travertine field stone lobby floors. Located within close proximity to I-80, 160 Promenade is within a 10-minute drive of downtown Sacramento to the south and Sacramento International Airport.
Promenade at Sacramento Gateway, the mixed-use development in which the property is located, includes a hotel and a 655,000-square-foot retail center.
In addition, the 500,000-square-foot Natomas Marketplace, a unique shopping destination with over 35 stores, restaurants, and specialty merchants is located next door.
Ron Thomas, Executive Director & Managing Broker and Associate Director Sean Mullen of Cushman & Wakefield’s Sacramento’s office represented the ownership in the transaction, while Newmark Cornish & Carey represented the Tenant.
According to Ron Thomas, “Along with all the flurry of activity surrounding the new Kings Arena, this lease renewal signing is surely another data point that suggests more good things to come. Our city is continuing the trend of positive developments and major lease signings that will make Sacramento and the surrounding areas ever more attractive for residents, investors and companies.”