''It wasn't a class-A building when we bought it, but it is today,'' says Jonathan Waggoner, president of Lowe Enterprises here. ''This is one of the best performing buildings in our portfolio."
Park Central was built in 1973 and today is 99% leased with tenants including Qwest Communications, Barrett Resources, the Colorado Department of Labor, RNL Design and the Palomino restaurant.
The $152 per sf that Beacon paid for the office tower almost certainly is the most ever spent for a building that old, providing the high water mark for a building of that age, according to Waggoner.
The building is across the street from the Tabor Center and is minutes from Lower Downtown, Writer Square and Larimer Square. ''I think this is the best location in the central business district,'' Waggoner says. ''It's at ground zero."
Peter Savoie, an executive manger and director of the Western US for Cushman & Wakefield Colorado, represented Lowe. The sale represents a testament to the strength of the Downtown market at a time when the major suburban markets are suffering from high vacancy rates and low demand, according to the broker. ''It absolutely is a positive validation of Downtown,'' Savoie tells GlobeSt.com. ''It certainly shows plenty of evidence that outside entities still see the economic viability of Downtown. These guys flew into town, and had their choice of a lot of deals. And they chose this one. It was heads above the rest.''
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
