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Legacy, Mystery Partner Teaming for 285,000-SF Central Platte Office Project

DENVER-When the ink dries on the contract, the identity of Legacy's new partner will be made public. The mystery person is kicking in some $60 million to help develop Central Platte Valley's first new office project.

By John Rebchook | Updated on January 19, 2001

DENVER-An unidentified equity partner is teaming up with Legacy Partners to develop the first new office building in the Central Platte Valley adjacent to the city’s Lower Downtown area.

Allen Palmer says the partner has asked to remain anonymous until the end of February, when the final “i’s” will be dotted and the “t’s” will be crossed. Tom Lee, who is leasing the 10-story, 285,000-sf building with fellow Frederick Ross Co. broker Scot Garel, says the partner will supply about $60 million, which is basically the construction cost for the class-A building. He estimates the completed building, when it is fully leased, would be worth between $75 million and $80 million.

The spec building is scheduled to open in June 2002. It will be the first of several new buildings on the drawing board to open, Lee notes. He expects triple net leases of $24 per sf, with expenses of $8 per sf. Although that is near the top of the market, some top high-rises today are commanding even higher rates for some of their space, he stresses.

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