An iconic piece of the downtown Sacramento skyline is set for revitalization, after a real estate firm closed escrow on the property.On Tuesday, Ethan Conrad Properties announced it successfully closed escrow on the Renaissance Tower, located at 801 K Street.The development comes after the company had the winning bid in an auction for the property earlier this year. The purchase price of $21.4 million was just a fraction of what the building sold for in 2016 at $80 million.CEO Ethan Conrad told KCRA 3 in October that the company plans to get new tenants into the building by slashing rent prices."If I can buy something at a good price and I give tenants a great deal and they're happy and I'm happy, well, that's a win-win, right?" Conrad said.The Renaissance Tower is a 28-story office building with 338,410 square feet of space and 500 garage parking spaces, the real estate firm said. Ethan Conrad Properties said it plans to install LED lighting to make the building stand out at night, remodel the lobby and prepare all of the building's available spaces. "This acquisition reinforces our commitment to investing in Sacramento’s future and solidifies our position as a leader in commercial real estate," Conrad said in a news release. "Its prime location and iconic design give us a unique chance to offer exceptional value to our tenants and the community.”The real estate firm also owns two other buildings within the same block at 630 K Street and 770 L Street.See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter