The two class B office buildings total 262,000 sf are located in the Cherry Creek-area. Vacancy is approximately 10%. Ownership plans to invest additional dollars with hope of restoring the buildings to class A status. CB Richard Ellis brokers Mary Sullivan, Ron Urgitus and Tim Swan represented the sellers. Crescent acquired the two buildings in 1997 along with a 15-story, 170,000-sf office building for a total purchase price of $42.7 million.

"Cherry Creek is considered the most prestigious office address in the Denver market," says ING managing director Steve Latimer. "It is extremely challenging to construct new office product there, due to general lack of available land and the expense of construction. With intelligent investment in the buildings' systems, and improvements to the aesthetics and amenities, we believe they will be well positioned to serve the needs of the tenant base in the area."

Schnitzer West is making its first foray into Denver. As part of the deal, Schnitzer opened a property management office in Denver. The five-person office will implement the capital improvement program for the two office buildings as well as offer third-party management services to other firms in the Denver market.