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.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.

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