An 18-story office building in the DTC changed hands.
Lowe, a Los Angeles-based real estate firm, purchased the Stanford Place II building at 7979 E. Tufts Ave. in Denver for $62.25 million, according to public records.
At 366,184 square feet, the deal works out to $170 a square foot.
Lowe is familiar with the building. The company said in a statement that its property management division, Hospitality at Work, had managed the building since 2014.
The property was sold by ML East Tufts LLC, which purchased the building in June 2014 for $56.1 million, records show.
CBRE brokers Mike Winn, Tim Richey, Jenny Knowlton, Chad Flynn and Charley Will represented the seller. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal led Lowe’s acquisition team.
Lowe, formerly known as Lowe Enterprises, has maintained a regional office in Denver since 1985, and its hospitality affiliate Coraltree Hospitality is based here. The firm said it operates approximately 4 million square feet of commercial space in the Denver area.
Other major office sales in the DTC in the past few months include Regency Plaza for $71 million, Denver Corporate Center II and III for $72 million, and 7601 E. Technology Way for $49 million.