David Shapiro of Transwestern Commercial Services and Rich Schierburg of Peregrine in Denver handled the transaction. Transwestern will continue to lease the project.
''This is a highly stable property which is 100% leased to an extremely solid tenant,'' Shapiro tells GlobeSt.com.
The property is primarily occupied by New Era of Networks (NEON), a wholly-owned subsidiary of Sybase Inc. of Emeryville, CA that provides consultation, software product and installation of e-base operations.
L.J. Melody put together a $29-million loan package for RS Investment. Tom Melody, of L.J. Melody's Houston office and Eric Tupler, of the real estate investment banking firm's Denver office, used a life insurance company for the funding.
''It was a tough deal,'' Tupler tells GlobeSt.com ''It took a long time to get done. When the building first went under contract, NEON was just being acquired by Sybase.''
He sent out packages to 10 lenders and only five groups were interested in the transaction, he tells GlobeSt.com.
''Really, from Day One, one group stood out," he says. "They said they know the asset, they know the market and they really want to get it done for us. They stuck it out and rolled with all of the jumps and up and down the roller coaster.''
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