1515 Wynkoop Sold in Denver

1515 Wynkoop, an eight-story LEED Gold-Certified Class AA premier office building in Denver, sold this month for an estimated $120 million, or $391 per square foot, according to a Denver Business Journal article. Hines sold the property to Glendale, CA-based American Realty Advisors.

"Capital loves best-in-class assets like Hines’ 1515 Wynkoop project, in one of LoDo’s best locations," said Kevin Shannon, vice chairman and managing director of CBRE’s institutional group-west, which represented the seller in the transaction. "This is the second, significant core office sale in the Denver CBD market this year. Both debt and equity is attracted to Denver’s strong growth prospects, fueled in part by its healthy energy and technology industries. We expect to see stronger sales activity in Denver as the market continues to benefit from improving fundamentals."

The 306,791 square foot mixed-use core property was built in 2009 and includes 279,578 square feet of office space. The building is reportedly 90% leased to a number of tenants, including credit tenant Black Hills Corp., law firm Polsinelli Shughart and insurance company Van Gilder. Designed by Hartman-Cox Architects, the exterior of 1515 Wynkoop is clad in brick and glass, in keeping with the historical tradition of its neighboring structures.

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