European firm buys downtown office building for $26M

Photos by Burl Rolett.

The office tower at 475 17th St. was sold after less than two years under its previous owner. Photos by Burl Rolett.

Even Luxembourgers have heard about Denver’s hot real estate market.

A Luxembourg-based investment fund bought the 151,425-square-foot office tower at 475 17th St. for $26 million. The deal closed on Dec. 16, about 18 months after local seller Western Development Group bought the building for $16.6 million.

The foreign real estate fund, operated by LIC Asset Management, bought the property with a mortgage from Principal Life Insurance Co., city records show. Dallas-based Phoenix Property Co. served as an adviser to LIC in its acquisition.

Lincoln Property Co. will handle property management and leasing at the office tower. Current tenants include C & J Energy Services, BWAB Sovereign Energy Group, and the Colorado State University System, which houses its Denver Center in the building.

The 475 17th St. tower is the second building on its corner to sell this year after the Denver Club building fetched $30 million over the summer.

Photos by Burl Rolett.

The office tower at 475 17th St. was sold after less than two years under its previous owner. Photos by Burl Rolett.

Downtown Denver's real estate market has lured a new investor from Luxembourg, who dropped $26 million on an office tower on 17th Street.

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