Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, announced today that the Sacramento office represented landlord CW Capital Asset Management LLC in a new 123,413 sq. ft. lease to the State of California Health Benefit Exchange at 1601 Exposition Boulevard in Sacramento. The lease is one of the Sacramento region’s largest since 2012.
“This was a collective effort between the Cushman & Wakefield Brokerage, Asset Management and Project Management teams, as well as the CW Capital Asset Management Team (CWCAM),” said Ron Thomas, Cushman & Wakefield Executive Director and Sacramento Market Leader. “The ownership team was incredibly well-equipped to manage a transaction of this size and complexity and utilize proactive methods to maximize the building value and mitigate risks to enhance investor returns.”
The Health Benefit Exchange, or Covered California, is the agency charged with oversight of California’s health insurance marketplace as part of the Patient Protection and Affordable Care Act. Covered California’s offices are currently located at 560 J St. in downtown Sacramento.
“Covered California was the nation’s first state health exchange created in response to the Affordable Care Act,” said Bruce Hohenhaus, Senior Director at Cushman & Wakefield in Sacramento, who also advised on the transaction. “We’re pleased to partner with the team at CW Capital to secure a tenant like Covered California and we’re proud to be part of their work to provide access to affordable healthcare. 1601 Exposition Boulevard is an ideal location for the organization to advance their important mission and to have space for anticipated growth.”
“This lease with Covered California is an important reminder that healthcare continues to be a key economic driver for Sacramento and the Central Valley region, with our proximity to the Capitol and as home to many of the state’s largest medical and healthcare organizations,” added Ron Thomas. “We expect this will only continue as more Californians seek options for quality care in the region and throughout the state.”
Covered California plans to occupy the entire building at 1601 Exposition Boulevard, which will house the agency’s executive and administrative functions. Move-in is scheduled for May 1, 2014.
In addition to Hohenhaus and Thomas, landlord CW Capital Asset Management was represented by the in-house team of Elizabeth Clipp and Doug Jung, as well as Kevin Partington and Chris Schwarze of the Cushman & Wakefield Sacramento office.