Now, the sale of TCI's former headquarters building in the Denver Technological Center is raising eyebrows again. But this time it is for the top dollar it has fetched.
Maier & Siebel Inc. has quietly purchased the 12-story, class-A building in the heart of the Tech Center for $37.5 million, or about $156 per sf. The firm bought the building at 5619 DTC Parkway from Los Angeles-based CB Richard Ellis Investors LLC, which manages $10 billion in real estate. The company is the investment advisory arm of CB Richard Ellis.
Ron Urgitus of CB Richard Ellis has confirmed he handled the sale with fellow broker Tim Swan, but is declining further comment.
Maier & Siebel had acquired the building at the very close of 2000, making it the largest suburban office tower to sell last year. Indeed, it had marked the fifth largest transaction in all of 2000. Peter Savoie, who heads Cushman Realty's Denver office, tells GlobeSt.com that he is surprised the building has sold for such a premium. "It sold for a big number," assesses Savoie. On the other hand, he says it is arguably one of the top five buildings along the southeast corridor and would be prized by trophy hunters.
The building, constructed by former Denver developer Jay Roulier, was built with the best of materials. "It's a fine building," Savoie says. "It has a limestone skin, a great lobby, great views. They don't spend the kind of money on buildings today that they did back in the early '80s."
TCI, now called AT&T Broadband, remains the largest tenant in the building. Savoie says AT&T has about three years left on its lease.
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