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Historic Market Center Trades Hands

DENVER-Triumph Real Estate Corp. sells the historic Downtown office building for $17.5 million two years after acquiring it for $13.2 million.

By Brian K. Miller | Updated on October 23, 2006

DENVER-Market Center, an historic Downtown office property here, has changed hands for $17.5 million. The new owner is Grant Management, a Norway-based real estate investment firm.

Built around 1900, the 119,454-sf structure is actually five individual buildings that abut one another across from the Market Street Transit Station. Occupancy was 90% at the time of sale.

The seller, Triumph Real Estate Corp., acquired the property in 2004 for $13.2 million and proceeded to invest another $800,000 to upgrade the fire- and life-safety systems and common areas. The building was 90% occupied when Triumph acquired it, but 70% of the building rolled over during its ownership, Triumph president Paul Ruff tells GlobeSt.com.

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