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TEXAS/SOUTHWEST NEWS
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Invesco Real Estate Spends $172 mil on Denver Lower Downtown Office Asset

3/17/15

In a major Denver office buy, Dallas-based Invesco Real Estate acquired a 306.8k sf building at 1515 Wynkoop St, in the city’s Lower Downtown area. Although an exact price was not given out, industry sources say the eight-story building sold for around $172 mil, which works out to $560/sf.

The property, which is 100 percent leased, is a Class AA, LEED-Gold certified building, and is situated adjacent to Denver’s recently redeveloped Union Station. It was sold by American Realty Advisors, who paid $118 mil for the property in 2011.

“The sale of this property was timed to allow us to take advantage of record high investor demand prior to the anticipated delivery of new office construction in the market over the next 24 to 36 months,” said Stanley Iezman, Chairman and CEO of American Realty Advisors.

“Similarly, our timing on our 2011 acquisition of the property enabled us to leverage emerging trends in tenant demand, including a growing migration to Lower Downtown based on the area’s expanding amenity base; its significant growth of residential units; and the $500 million Union Station redevelopment, which was in its early stages when American acquired the property,” Iezman added.

During its ownership of the asset, American Realty Advisors was successful in executing new leases that brought the building to 100 percent occupancy. Current tenants range in size up to 75k sf, and include significant companies such as Maximus, Black Hills Corporation, and Polsinelli, among others.

The building has won numerous awards, including the 2013 BOMA TOBY for Building of the Year in Denver; the 2013 Most Efficient Building in Denver award; the 2011 Xcel Energy Efficiency Partner award, and an Energy Star rating of 95.

American Realty Advisors was represented by Geoff Baukol and Kevin Shannon of CBRE in the sale transaction.

In another notable office sale in Denver’s Lower Downtown area, from a month or so ago, Zeller Realty Group, out of Chicago, purchased a 16-story building at 1401 17th St, a couple of blocks south of Coors Field. The tower was acquired for around $75 mil from an investment group including Lowe Enterprises Investors, The Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Co.

At the time of sale, 1401 17th was 82 percent leased to 23 tenants. These include firms in the energy, legal and financial services industries.






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