Florida-based Accesso Partners, a real estate investment firm formerly known as Beacon Investment Properties, has purchased Stanford Place 1, a 14-story office tower in the Denver Technology Center, for $43 million, according to Denver County public records. The Class A office building was sold by Broadreach Capital Partners, which originally acquired the property in March of 2007 for $42 million from Maier Siebel Baber. Broadreach Capital Partners appointed CBRE's Denver office to broker the sale; terms of the deal were not disclosed.
"We've been tracking opportunities in the Denver Technology Center submarket for the last two years since purchasing 6455 S. Yosemite, also a Class A office tower that has been a strong performer for us," said Ariel Bentata, Accesso's managing partner for investments. "Stanford Place is larger and has the same coveted northeast Tech Center location. It's a quarter-mile from the convergence of I-25 and I-225 with a nearby light-rail system and offers sweeping views of the mountains. This acquisition should provide Accesso additional economies of scale as the firm expands its holdings in Denver."
The 273,485 square foot office building at 8055 E. Tufts Avenue in Denver sits on 6 acres of land with access to both I-25 and I-225. Originally constructed in 1982, the building has undergone several redevelopments and improvements, like elevator retrofitting in 2003, replacing the cooling towers in 2007, and upgrading the lighting system in 2008, earning the property a higher Energy Star label. The building was 88% leased at the time of sale, with tenants including Moody Insurance Agency, Transwestern, Lincoln National Life, Smith Seckman Reid, Chicago Title, Nike, Sumitomo Corp. and Providigm. Cushman and Wakefield's Denver office has been appointed leasing manager for Stanford Place I.
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