10-Story Denver-Area Office Sells for $25M
Legacy Real Estate Investments bought the 191,000 square foot office at 143 Union Blvd. in Denver-suburb Lakewood, from Granite Properties. According to the Colorado RE Journal, the $24.9 million price tag was $6 million less than it sold for in 2015. A CBRE team led by Tim Richey brokered the deal on behalf of Granite.
The property was built in 1981 and renovated twice since; once in 2016 and once again last year. The building, at the time of the sale, was 70% leased. Wells Fargo and engineering consulting firm Atwell were the largest tenants. Atwell, the anchor tenant, has four years remaining on its lease. A CBRE marketing report indicated the rents were 9% below market.