Toma West, headed by Kenneth Grant, acquired 621 17th St. from Colorado & Santa Fe Real Estate, a local company owned by value-add investor Marsel Arsenault. Arsenault's company acquired the asset in 2005 for $24 million and reportedly invested several million more to acquire the ground lease and upgrade the property.
With the acquisition Toma's Downtown Denver portfolio now stands at 1.4 million sf. One of his other major Downtown assets is the United Western Bank building at 17th and California streets, where the company keeps an office.
The sale of 621 17th St. closed Dec. 5. The Denver office of CB Richard Ellis had the disposition assignment for the building and its neighbor. The listing brokers involved could not be reached Thursday for comment. Jones Lang LaSalle has the property management assignment for both assets.
About 13% of 621 17th St. is being marketed for lease on officespace.com, and the asking lease rate for the building is $19 to $21 per sf per year. Average office vacancy in the Denver CBD is 10.1% and the average class B asking lease rate is $25.19 per sf per year, according to third quarter data from Grubb & Ellis.
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