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Terrace Tower II Fetches Top Dollar in Year-End Deal

DENVER-TCI has reaped $22.5 million for a decade-long investment in the 240,000-sf Terrace Tower II. The building's sale had been quietly slipped into year-end deals, with Maier & Siebel paying $37.5 million for the property.

By John Rebchook | Updated on January 04, 2001

DENVER-When the cable TV giant bought the 240,000-sf Terrace Tower II office building in 1991 for $15 million, it had been considered one of the best deals of the 1990s.

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.

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