SACRAMENTO– A local partnership that includes fast-growing tech firm M Corp has bought the century-old Regis Building, a landmark mixed-use building a block from the state Capitol and in the middle of the revitalized K Street mall in downtown Sacramento.
Cathedral View LLC – managing partner Michael Stumbos of Stumbos & Company Real Estate, M Corp and other investors – completed the deal this week for the five-level building at the southwest corner of 11th and K streets. Cathedral View paid about $4 million to a Southern California investment fund manager for the Regis Building, one of the larger deals in recent years.
“The Regis Building provides our company with the space we need to continue to grow, while experiencing firsthand and contributing to the revitalization of K Street.”
CB Richard Ellis Vice President Heath Kastner and Senior Associate Tony Whittaker handled the transaction. Umpqua Bank provided the financing for the purchase.
Sacramento Mayor Kevin Johnson applauds the move by M Corp to downtown Sacramento – and the K Street mall.
“M Corp is a fast-growing company with employees who will spend money at downtown businesses and contribute to Sacramento’s economy,” Mayor Johnson said. “The company also helps diversify K Street and encourages other employers to bring more jobs to our downtown core.”
Alex Castro, one of three founding partners of M Corp, agrees that relocating to K Street will greatly help M Corp and the K Street district.
“The Regis Building provides our company with the space we need to continue to grow, while experiencing firsthand and contributing to the revitalization of K Street,” said Mr. Castro. “This building is a great opportunity for the company, our employees – and the community.”
“It’s got all of the right elements. It’s one of the city’s jewels.”
M Corp, a leading provider of legacy migration and analytics solutions for government and private-sector clients, will move into the top floor of the 27,000-square-foot building, after modernizing the office space. The company should move into the building during the first quarter of the year.
M Corp – in September ranked No. 637 on Inc. magazine’s fastest-growing companies list based on revenue over the past three years – will move from its headquarters on Enterprise Drive in the Arden Arcade area of Sacramento County to the city of Sacramento and the much-changed K Street mall.
“It’s a great location,” said Mr. Stumbos, adding the building is a block from the Capitol, across the street from the Cathedral of the Blessed Sacrament, in the middle of restaurant row, near parking garages and on the light-rail line. “It couldn’t be better located on K Street.”
Ambrosia Café, a longtime business on K Street, anchors the ground floor, while lobbyist offices dominate the next two floors and M Corp will move to the top floor.
“It was very well renovated” during the past 30 years, Mr. Stumbos said. “It’s got all of the right elements. It’s one of the city’s jewels.”
The building was the former Regis Hotel and was once owned by The Ram Company, named after the ram heads on the top of the structure. Ralph Vitiello, a retired architect, was one of The Ram Company partners. The group converted the former hotel into a mixed-use building with ground-floor retail and offices about 30 years ago.