DENVER—American Realty Advisors has sold an eight-story, 306,791-square-foot office building in Denver's Lower Downtown neighborhood to an institutional investor. The property, at 1515 Wynkoop St., is 100% leased.
While sources involved in the deal couldn't disclose the sale price, in June 2011, the building was purchased from Hines for around $118 million, according to records.
The sale of the class A LEED-Gold certified building was timed, according to Stanley Iezman, chairman and CEO of ARA, “to allow us to take advantage of record high investor demand prior to the anticipated delivery of new office construction in the market over the next 24 to 36 months.”
During its ownership of the asset, which is adjacent to Denver's recently redeveloped Union Station, ARA was successful in executing new leases that brought the building to 100% occupancy. Current tenants range in size up to 75,000 square feet, and include significant companies such as Maximus, Black Hills Corp., and Polsinelli, among others.
GlobeSt.com did not get additional information by deadline but will update this story as we learn more.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.