Shorenstein Properties has acquired the US Bank Tower office building in Sacramento, California for $161m (€133m), according to sources familiar with the deal.

The property was sold by joint venture partners David S Taylor Interests and Britannia Pacific Enterprises.

San Francisco-based Shorenstein declined to comment.

The 366,000sqft building is the only office asset that Shorenstein owns in Sacramento, according to its website.

Shorenstein acquired the 25-storey building for its fund, Shorenstein Realty Investors Eleven, a value-add fund formed in 2014.

Shorenstein raised $1.22bn of equity for the fund, including a $75m co-investment from the manager.

This fund has bought a total of nine office buildings and mixed-use assets around the country.

Built in 2008, US Bank Tower is more than 90% let.

Rental rate growth in the Sacramento office market has increased by around 15% over the past two to three years, according to sources familiar with the market.