LoDo office towers with edge on parking trade for $189M
CIM Group bought the “LoDo Towers” from affiliates of Zeller Realty.
A pair of 17th Street office towers that sit across the street from one another sold to a California buyer for $189 million.
CIM Group bought the Guaranty Bank building at 1331 17th St. for $103 million, or $467.57 per square foot, and paid another $86 million, or $449.90 per sf, for 1401 17th St., according to Denver County records. Affiliates of Zeller Realty sold the buildings, which were about 80 percent occupied.
The Guaranty Bank building, known for its anchor tenant, comprises 220,287 sf over 13 stories. The 16-story building at 1401 17th totals 191,151 sf and counts Laramie Energy as its largest tenant. Collectively, the buildings are called LoDo Towers.
The deal included two adjacent parking garages with approximately 1,140 spaces, giving them the greatest market share of parking in Lower Downtown, according to HFF Senior Director Peter Merrion.
Merrion said he wasn’t at liberty to discuss details of the sale, but did say the assets drew interest from numerous investors due in part to their location at 17th and Market streets and their high parking ratios. Merrion and HFF Senior Managing Director Mark Katz handled the sale.
Located a block off the 16th Street Mall, the buildings also have unobstructed mountain views, as well as views of Denver Union Station and Coors Field, CIM noted in a news release. Tenants have easy access to the free MetroRide, the mall shuttle, light rail and commuter rail, as well as the numerous amenities in and around the mall and Union Station.
The Guaranty Bank building has 17,000-sf floor plates, while floor plates at 401 17th are 13,000 sf. The buildings were built in 1983 and renovated since that time.
Read the complete article published on the Colorado Real Estate Journal here.