Zeller Realty Group has made its first move on the Denver market with the purchase of 1331 17th Street, a 13-story office building in the LoDo submarket. The terms of the deal and exact sale price were not disclosed; the property previously sold in 2007 for $69.95 when Hines Interests LP teamed with the California Public Employees' Retirement System and bought the building under an ownership entity called the National Office Partners LP. Mary Sullivan and John Jugl, senior managing directors of Holliday Fenoglio Fowler LP, represented the seller, Common Wealth Partners LLC, in the transaction.
Los Angeles-based Common Wealth took over for Hines and the building ownership entity was named NOP 1331 17th LLC, according to a Denver Business Journal article. Also known as the Guaranty Bank Building, the 220,287 square-foot building was completed in 1983 and delivered by the a and Denver developer Bill Walters. The building was reportedly 87% leased at the time of sale, with Guaranty Bank occupying 25% of the property.
"Zeller chose the strongest market in Denver for office property ownership, so they know it will be successful," Sullivan said. "They've wanted to be in the market for quite some time and have bid on other assets. They're committed to the Denver market and want to own more assets here."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment