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State Land Board Lays Out $13.7 Mil for Governors Center II

DENVER-The State Board of Land Commissioners has cut a $13.7-million deal with Transwestern to buy the Governors Center II office tower. The seller is reaping $1.9 million after just two years of ownership.

By John Rebchook | Updated on December 04, 2000

DENVER-The State Board of Land Commissioners is paying $13.7 million to Transwestern Investment Co. for the nine-story Governors Center II building at 600 Grant St. The office tower, with 118,384 sf, is in the heart of the Midtown market at the edge of Denver’s Central Business District. The building is 100% leased, with the average new rents commanding just under $20 per sf.

The state land board, created in 1876, owns more than three million acres of land and mineral rights, which generate about $40 million a year in revenues for public education.Several years ago, the board decided to diversify beyond agricultural land and buy commercial buildings, too.

After it sells land or a building, the board has two years to replace it with another income-producing property, says Charles Bedford, director of the board. “It’s sort of like a 1031 exchange in a private transaction,” Bedford tells GlobeSt.com.

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