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| Wynkoop Street Building, Lower Downtown, Denver, CO |
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| Stanley lezman |
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.
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| Kevin Shannon |
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.
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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