Stanford Place 1 Sold for $43M

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.

For more news and information visit Blumberg Partners.

Union Buys Civic Center Plaza in San Rafael

San Francisco-based property owner and developer Union Property Capital has made an office building buy across the Golden Gate Bridge with the purchase of a 2-building office campus in San Rafael for $28 million. The property, known as Civic Center Plaza, was sold by Broadreach Capital Partners in a deal arranged by JLL's Capital Markets experts. Broadreach originally acquired the property in March 2007 for $25.5 million from a group of local investors. Holliday Fenoglio Fowler, L.P. (HFF) arranged acquisition financing on behalf of Union Property Capital and its joint venture partner, an unnamed high-net-worth investor, with USAA Real Estate Company on behalf of an affiliate.

"We've seen a notable increase in interest in the North Bay from investors across the spectrum, including public and private, local and global," said JLL Managing Director Michel Seifer in a prepared statement on the sale. "The sales of Larkspur Landing in January, 1 & 3 Harbor Drive in Sausalito in February, and now Civic Center in San Rafael, show strong evidence of the increasing institutional appeal of the region."

Located at 3900 & 3950 Civic Center Drive, the 93,535 square foot office campus that sits a block from Northgate Mall and next door to the County of Marin offices was originally developed in 1989 and later renovated in 2011. Civic Center Plaza was 96% leased at the time of sale with major tenants including Autodesk Inc., a Fortune 1000 software designer well known for its AutoCAD software, and Marin General Hospital. The property is also located near US Highway 101, which serves as the main thoroughfare from San Francisco to Sonoma and Napa counties in California as well as a new Sonoma-Marin Area Rail Transit (SMART) light rail station which is slated to open this year. Civic Center Plaza is LEED Silver certified and has enjoyed stable occupancy throughout its history.

For more news and information visit Blumberg Partners.

Tishman Buys CNN Tower from Broadreach Capital

NY-based Tishman Speyer has purchased the CNN Building at 6430 West Sunset Blvd. in Hollywood for more than $127-million, or more than $600 a square foot, from Palo Alto-based investment firm Broadreach Capital Partners. Broadreach originally acquired the property in April 2006 for $50 million. HFF's Todd Tydlaska and Andrew Harper represented Broadreach in the sale, with leasing guidance from Madison Partners' Steven Salas, Tony Ranger and Joe King. Tishman Speyer was self-represented in the acquisition.

"We're pleased to add this extremely well-located asset to our Los Angeles office portfolio," Rob Speyer, Tishman Speyer's president and chief executive officer, said in a prepared statement. "In particular, we continue to be very bullish on the Hollywood submarket as one of the key areas attracting growing companies with employees who want to live and work in a vibrant 24-hour community."

The 15-story tower was originally constructed in 1986, renovated in 2001, and awarded LEED certification by the U.S. Green Building Council in 2013. The property was 84% leased at the time of sale, with the tower now anchored by CNN's parent company Turner Broadcasting System, the movie-trailer-maker BLT & Associates, and advertising agency Oxford Road. Tishman Speyer plans on raising rent at the 204,122-square-foot Class A office property, sources tell the Real Deal; a five-story parking structure is adjacent to the tower.

For more news and information visit Blumberg Partners.

FSP Picks Up Denver Office Tower for $183M

Pearlmark Broadreach 1999 LLC has entered into a definitive agreement to sell a 43-story office building in the central business district of Denver, Colorado for $183 million. FSP 1999 Broadway LLC, a wholly-owned subsidiary of Franklin Street Properties, will take ownership of the property in a sale expected to close on July 1, according to SEC filings. A joint venture led by Broadreach Capital Partners and Transwestern previously acquired the property in November 2005.

The sale includes the 680,277-square foot office building at 1999 Broadway and a nine-story, 177,472-square foot garage at 2099 Welton Street. The property is currently 95% leased with major tenants including the Internal Revenue Service, Berry Petroleum Co. and Mercy Housing. Built in 1984 and 1985, the office tower is Energy Star rated and LEED Silver certified.

For more news and information visit Blumberg Capital Partners.