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Denver Office Building Pair Trade at Loss
Two adjacent Denver office buildings were recently sold for much less than what the sellers paid for them. Knightbridge Capital and Westside Investment Partners paid $14.3 million for the two buildings at 8390 and 8350 E. Crescent Parkway, which combined over 220,000 square feet. The Colorado Real Estate Journal reports that American National Insurance paid $47.5 million for the two in 2014 and 2015.
One of of the building is six stories and has nearly 87,000 square feet. American National paid $17.5 million for it in 2015. The other is four stories and has 136,000 square feet under the roof. American National paid $30 million for it in 2014.
Situated southwest of the intersection of E. Belleview Avenue and DTC Boulevards, the buildings feature grand lobby entrances and covered parking, as well a shared amphitheater and water features.
JLL’s Sean Whitney and Larry Thiel represented the seller.
- ◦Sale/Acquisition
