American Realty Advisors has purchased an LEED-certified mixed-use building in downtown Denver from Hines. According to data provider Real Capital Analytics, the sale of 1515 Wynkoop Street is rumoured to have closed at $120 million, or roughly $392 per square foot.
Hines senior project manager Jay Despard said that, despite the sale, Hines will continue to manage the Class A property. The Houston-based real estate firm developed the eight-story building in 2009.
“American Realty recognizes that the downtown Denver office market has experienced unprecedented economic stability in 2010 and is projected for continued growth in the years to come,” said Kirk Helgeson, executive managing director for investments, in a statement. “As such, investing in a mixed-use core property near Denver's transportation hub is likely to generate superior returns for American Realty’s clients.” The investment firm purchased the property through one of its commingled real estate funds.
Located on the southwest corner of 15th and Wynkoop streets, the building features roughly 27,000 square feet of retail space, 280,000 square feet of office space, 10,000 square feet of outdoor terrace space spread across various levels of the building and 415 underground parking spaces. The property is 90 percent leased by tenants that include Black Hills Energy and Van Gilder Insurance.