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Triple Net Renders $90M-Plus for Prudential Tower

DENVER-Triple Net Properties buys the 32-story office tower at 633 17th St. in Downtown Denver for more than $90 million. Purchased from Prudential, the 552,988-sf building is 88% leased.

By John Rebchook | Updated on December 14, 2005

(To read more on the TIC market, click here.)

DENVER-Triple Net Properties LLC of Santa Ana, CA bought the 32-story 633 17th St. office tower in the heart of the Central Business District from the Prudential Insurance Co. of America. Although Triple Net didn’t release the sales price, records indicate it paid $90.25 million for the 552,988-sf, class A building. It was purchased through a TIC fund.

The building, constructed in 1974 and renovated in 1980, is 88% leased with a strong tenant base, says Mary Sullivan, the CB Richard Ellis broker that represented Prudential with her teammates, Ron Urgitus and Tim Swan. The 21 tenants include the law firms of Sherman & Howard, Isaacson Rosenbaum PC, the Colorado Department of Labor and Employment and the Colorado Department of Personnel and Administration.

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