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December 14, 2019
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TEXAS/SOUTHWEST NEWS
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Lowe Adds 366k sf Office Tower to Its Denver Portfolio

11/13/19

Lowe has acquired Stanford Place II, a 366.2k sf Class A office tower in Southeast Denver. Built in 1982, the 18-story building is located at 7979 E. Tufts, in the Denver Tech Center.

7979 E. Tufts offers 21k sf floorplates, nine-foot-high finished ceilings, and abundant windows for natural light and sweeping views of downtown Denver, the mountains and the surrounding area. 7979 E. Tufts’ central location at the I-25 and I-225 interchange and proximity to the Belleview Light Rail Station provides easy access for tenants and visitors. Southeast Denver offers nearly nine million square feet of retail, entertainment and restaurant options, providing tenants a wealth of nearby amenities.

“7979 E. Tufts is a modernized office building, well-located in the premier Southeast Denver market near a light rail station that connects to Denver’s growing public transportation network,” said Marty Caverly, executive vice president of Lowe and Hospitality at Work. “Denver is a solid office market and among the many metro areas across the country that Lowe has identified as top targets for acquisitions as we strategically grow our office portfolio.”

Denver benefits from a diverse employer base, strong job growth, a robust and growing public transportation network and is often ranked among the nation’s most desirable cities attracting businesses and a highly skilled and educated work force. These are attributes that align with Lowe’s criteria for its expanding commercial office portfolio.

“Lowe’s Hospitality at Work team has operated the property on behalf of the prior owner since 2014. During this time, we adapted the building’s shared spaces as well as its management to create a carefully crafted environment based on the input and participation of the building’s tenants,” added Caverly.

Hospitality at Work, Lowe’s workplace experience and property management platform, has overseen a comprehensive program of building improvements to upgrade building systems, refresh and reimagine common areas and enhance gathering spaces, including the addition of an outdoor place and a tenant Connect Room, to create a welcoming workplace and community environment at the building. In addition to physical improvements, Hospitality at Work has created and implemented a continuing program of community-building events to offer education, entertainment and team-building opportunities, further fostering an environment of caring, engagement and connection for tenants at the building.

Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal led Lowe’s acquisition team. The seller was represented by Mike Winn and Tim Richey of CBRE. The price was not disclosed.

Lowe has maintained a regional office in Denver since 1985. The firm currently operates approximately 4 msf of commercial space in the Denver area. Lowe’s hospitality affiliate, Coraltree Hospitality, is based in Denver and operates numerous hotel and resort properties throughout Colorado and nationwide.




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