WaFd Bank Refinanced Sacramento Office Property

Ethan Conrad Properties secured $25 million in financing for its downtown office building at 770 L Street.

Updated on Sept. 23, 2026 in Commercial

WaFd Bank Refinanced Sacramento Office Property

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WaFd Bank has provided a $25 million refinancing package for 770 L Street, a 170,267-square-foot office building in downtown Sacramento. Ethan Conrad Properties acquired the LEED Gold-certified asset for $22.5 million two years ago.

Why it matters

The deal comes as the commercial office sector faces significant pressure from maturing debt obligations. This refinancing provides capital stability for a prominent property that counts the State of California High-Speed Rail Authority as a major tenant.

The 170,267-square-foot office building at 770 L Street originally opened in 1984 and received complete renovations in 2004. The State of California High-Speed Rail Authority currently occupies 82,774 square feet of the property.

The players

WaFd Bank

This financial institution provides a range of banking services and commercial lending products across its regional footprint.

Ethan Conrad Properties

This firm is a Sacramento-based real estate investment and management company that oversees a significant portfolio of commercial assets.

State of California High-Speed Rail Authority

This state agency is responsible for the planning, design, and construction of the high-speed rail system connecting California's major urban centers.

CBRE

This global commercial real estate services and investment firm provides leasing, property management, and consulting services to institutional clients.

New York Life Real Estate Investors

This investment arm manages real estate assets and debt for New York Life Insurance Company and various institutional partners.

The details

Ethan Conrad Properties maintains the property, which is situated near the State Capitol and Golden 1 Center, while CBRE handles current leasing operations. The building was previously sold to the firm by New York Life Real Estate Investors.

The building first opened its doors to tenants in 1984.
A comprehensive renovation project was completed in 2004.
Ethan Conrad Properties purchased the downtown asset in 2024.
Across the broader market, 14 office assets changed hands in Sacramento during the first nine months of 2026.
Approximately $289.2 billion in national office credit is set to mature by the end of 2028.

Culture Shift

The commercial real estate market is currently navigating a period of significant transition as legacy office spaces adapt to modern occupancy needs. This deal highlights how local investors are managing asset portfolios amidst the broader national office debt maturity cliff of $289.2 billion by 2028.

The long-term stability of this downtown office hub ensures that the High-Speed Rail Authority remains anchored in the city's central business district. Residents may see continued maintenance of the building near the State Capitol, contributing to the general economic activity of the downtown area.

The takeaway

Commercial property owners are increasingly focused on securing refinancing to stabilize assets before debt maturities intensify. Maintaining high-quality, LEED-certified office space remains a primary strategy for attracting stable government and institutional tenants.