Denver's 1660 Wynkoop Sold for $26.6M

1660 Wynkoop, located in the Lower Downtown Historic District (LoDo), traded hands this month as Boston-based AEW Capital Management bought the building from Legacy Partners for $26.6 million, or $405 per square foot. Cushman & Wakefield of Colorado Inc. represented Legacy Partners in the transaction; the terms of the sale were not disclosed.

1660 Wynkoop, built in 1983, is an 11-story, 65,715 square-foot office building featuring a brick-clad exterior and spectacular Rocky Mountain views. The property was 90% leased at the time of purchase according to a Denver Business Journal article. "This sale was driven by tenant demand," Mike Winn, vice chairman of Cushman & Wakefield of Colorado Inc. said. "That's where tenants want to be, so investors are buying where they think there will be demand and ultimately rent growth to reward their investment."

For more news and information visit Blumberg Capital Partners.

Granite Tower in Denver is Up for Sale

Granite Properties Inc. has placed the Granite Tower in Denver up for sale for an undisclosed asking price according to the Denver Business Journal. Granite originally purchased the landmark property for $88.5 million in 2005, or roughly $160 per square foot, from Amerimar Enterprises Inc. of Philadelphia. Mike Winn and Tim Richey of Cushman & Wakefield of Colorado Inc. are marketing the building for Granite. Stephanie Lawrence, the managing director for Granite, said in the article that the company decided to place the skyscraper on the market now due to the improving national commercial real estate investment market, and the attractiveness of downtown Denver office buildings to investors.

The 561,000 square foot 31-story Granite Tower, located at 1099 18th Street, was originally built in 1983 and previously known as Plaza Tower as part of the two-square-block Denver Place complex. The building is currently 95% leased with major tenants including Anadarko Petroleum, Robinson Waters & O'Dorisio PC and Jackson Kelly PLLC.

For more news and information visit Blumberg Capital Partners.