The tallest office tower in Sacramento, California, has a new group of owners planning to make upgrades to a building that already has a laundry list of amenities.
Buzz Oates, Oak Capital Partners and Rubicon Partners chipped in and bought Wells Fargo Center for $117 million in October. The trio of Sacramento-based real estate developers bought the building from Manulife Office REIT, a real estate investment trust based in Singapore that focuses on U.S. commercial properties. The tower changing ownership hands marks the largest purchase of its kind in Sacramento in the past five years.
Officials from Buzz, Oak and Rubicon said they want to own Wells Fargo Center for a long time. The Buzz-Oak-Rubicon purchase was such a noteworthy deal that it earned a 2025 CoStar Impact Award for acquisition of the year in Sacramento, as judged by a panel of local industry professionals.
Standing at 30 stories high, Wells Fargo Center is considered one of the most prestigious pieces of commercial real estate in California's capital city.
Manulife decided to sell the tower so the proceeds can help pay off some outstanding debt. The trust also owns office properties in Arizona, California, Georgia, New Jersey, Virginia and Washington, D.C. The trust is looking to sell some of those other properties to help pay down debt.
Buzz Oates already owns an office building across the street from Wells Fargo Center — 555 Capital Mall.
About the deal: The new ownership group said they're looking to add a board room, retail spaces, and a pool deck to the building.
The building is home to dozens of companies, including financial and consulting firm Deloitte, several law firms, Morgan Stanley, the Sacramento Metro Chamber, and WeWork. Roughly 91% of the building is occupied with leased tenants. The tower also has an electric vehicle charging station, fitness center, Italian restaurant Il Fornaio, indoor pool, and a sauna.
What the judges said: "The premier building in the Sacramento market trading hands is by definition a big deal and a market setting event," said Troels Adrian, executive vice president of the Greater Sacramento Economic Council. "Seeing it trade to local hands with plans for significant upgrades means this transaction will continue to impact overall market conditions in the central business district and beyond for several quarters into the future."
"Proven local ownership group purchasing the Sacramento region's tallest building with plans to make value-add investments," said Scott Ford, development director for the Downtown Sacramento Partnership. "Nothing short of a catalytic acquisition for downtown and for the entire Sacramento market."
They made it happen: The team from Buzz Oates included CEO Larry Allbaugh; Chief Investment Officer Kevin Ramos; Senior Vice President of Portfolio Management Ryan Lancer; and Executive Vice President of Business Operations Scott Dommes. At Rubicon Partners, the team included President Peter Thompson and Chief Financial Officer Kipp Blewett. Preferred Capital Advisors, including its president, Dan Corfee, and co-founder Craig Zarro also played a role.