Search
 

Foreign Firm Adds to Denver Portfolio

DENVER-Toma West of Norway, which owns several Downtown buildings here, pays $40 million for a 424,270-sf office building next to one it acquired in September for $115 million.

By Brian K. Miller | Updated on December 06, 2007

DENVER-Toma West LLC of Norway added to its stable of Downtown buildings here this week, paying $40 million or $93 per sf for the 424,279-sf Colorado Center, a 28-story building and six-story annex constructed in 1957 at 621 17th St. An exterior plaza connects the property to the neighboring building, 633 17th St., a 553,000-sf building built in 1974 that Toma West acquired in late September for $115 million or $207 per sf.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.