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Lincoln, ASB Pay $93M for Colorado Center

DENVER-Lincoln Property Co. is teaming up with ASB Capital Management for the trophy Colorado Center. The mixed-use development includes 441,325 sf in two office towers and 121,133 sf of retail.

By John Rebchook | Updated on February 16, 2006

DENVER-Lincoln Property Co. and ASB Capital Management recently paid $93 million for the prized Colorado Center at South Colorado Boulevard and Interstate 25, halfway between Downtown and the Denver Tech Center.

The mixed-use development includes 441,325 sf in two office towers and 121,133 sf of retail–a United Artists Theatre with an IMAX screen and a Dave & Buster’s restaurant. There also is enough room on the site for another million sf of development on the property. Colorado Center was sold by TIAA-CREF and developed by George Thorn, principal of Mile High Properties. Thorn tells GlobeSt.com that he was part of a team that put a competing bid into TIAA-CREF.”I almost made Colorado Center a lifetime of work,” Thorn tells GlobeSt.com. “I wish Lincoln well. They bought a great project.” Thorn says that TIAA-CREF periodically reviews all of its holdings and decided now was a good time to sell.

“I think George Thorn built a great project,” Scott Caldwell, a senior vice president at Lincoln Property tells GlobeSt.com. “It’s a high-quality, mixed-use project in a wonderful submarket. We think it has a lot of potential down the road.”

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