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Principal Buys Downtown Office Building

DENVER-The Des Moines, IA company pays $22.3 million for the Downtown building at 1875 Lawrence St., $5 million more than less than eager seller CMD Realty Investors paid for it a year ago.

By John Rebchook | Updated on June 11, 2001

DENVER-Principal Capital Management LLC of Des Moines, IA, paid about $22.3 million for a 15-story Downtown building at 1875 Lawrence St. CMD Realty Investors bought the building a year ago for $17.25 million.

CMD wasn’t planning to sell the building so quickly, although it fits in with the company’s new strategy to own larger buildings, says Steve Mulhern, vice president and general manager at CMD.

Mulhern says most of the buildings it currently buys are at least 200,000 sf in size and often more than 250,000 sf.

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