Located at 1775 Sherman St. and called Denver Financial Center, the complex consists of a 31-story tower and an adjacent, low-rise building. The complex sits next to Wells Fargo Center, aka the "Cash Register Building."
The office tower was built in 1982, the smaller building in 1970, according to county records. The sale price works out to approximately $192 per sf. The current vacancy rate and the property's NOI were not immediately available Friday morning. The annualized asking lease rate for space in the building has increased in the past year from the high teens to the mid-to-high $20s.
The per-sf price is close to that of 633 17th St., a 32-story, 553,000-sf, slightly older building located a few blocks further Downtown that traded in September 2007 for $208 per sf, or $115 million, according to industry sources. A few blocks further Downtown, recent sales for similar buildings sold for much higher prices.
The 13-story, 220,000-sf Guaranty Bank Building at 1331 17th St. that was built in 1982 changed hands in October for $320 per sf or $69.9 million. In December, Independence Plaza, a 567,287-sf, 25-story building at 1050 17th that was built in 1971 and renovated in 1995 traded in December for $255 per sf.
Currently on the market is 1225 17th St., a 666,653-sf, 30-story building built in 1982 and owned by JP Morgan Chase. The asking price is $250 million, which equates to $385 per sf, according to published reports.
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