DENVER, Co., – March 16, 2015 – (RealEstateRama) — American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, has sold an eight-story, 306,791 square-foot office building in Denver’s Lower Downtown neighborhood to an institutional investor. The sale price is undisclosed.
The property, which is 100 percent leased, is a Class AA, LEED-Gold certified building on Wynkoop Street, adjacent to Denver’s recently redeveloped Union Station.
“The sale of this property was timed to allow us to take advantage of record high investor demand prior to the anticipated delivery of new office construction in the market over the next 24 to 36 months,” said Stanley Iezman, Chairman and CEO of American Realty Advisors.
“Similarly, our timing on our 2011 acquisition of the property enabled us to leverage emerging trends in tenant demand, including a growing migration to Lower Downtown based on the area’s expanding amenity base; its significant growth of residential units; and the $500 million Union Station redevelopment, which was in its early stages when American acquired the property,” Iezman added.
During its ownership of the asset, American Realty Advisors was successful in executing new leases that brought the building to 100 percent occupancy. Current tenants range in size up to 75,000 square feet, and include significant companies such as Maximus, Black Hills Corporation, and Polsinelli, among others.
“By attracting high-level, long-term tenants, we were also able to increase rental rates, setting a new high-water mark for the asset, and strengthening yields for our investors,” says Iezman.
American Realty Advisors’ strategic and active asset management earned the firm multiple awards for the property, including the 2013 BOMA TOBY for Building of the Year in Denver; the 2013 Most Efficient Building in Denver award; the 2011 Xcel Energy Efficiency Partner award, and an Energy Star rating of 95.
The property is located at 1515 Wynkoop Street in Denver, Colorado.
American Realty Advisors was represented by Geoff Baukol and Kevin Shannon of CBRE in the sale transaction.
With approximately $6.7 billion in assets under management, American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for over 26 years utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. More information regarding American can be found at www.americanreal.com.
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole