A tenant is a valuable thing.
That could be one takeaway from the recent listing for sale of 161 Inverness, a Denver Tech Center office building listed for sale for $50 million less than its owner paid a decade ago.
The six-story building at 161 Inverness Drive West in unincorporated Arapahoe County was previously leased by DirecTV, which was later acquired by AT&T. The company vacated the building as of the first quarter of this year, according to the website of Artis Real Estate Investment Trust, which owns the structure.
Artis is asking $23 million for the building, according to marketing materials prepared by CBRE.
Artis paid $71 million for the property in July 2013, records show. The seller in that deal had paid $48 million in 2010. In both cases, the building was fully leased by DirecTV, giving the buyer guaranteed income for years.
That’s not the case now, with no one reporting to work at 161 Inverness.
The 255,132-square-foot structure was built in 1997, according to the marketing materials. It sits on 5.52 acres and has 1,399 parking spaces, which CBRE said gives it the highest structured parking ratio in the region, at 5.5 spaces per 1,000 square feet.
A pedestrian bridge next to the building connects it with RTD’s Dry Creek Station on the other side of Interstate 25.
“The Property’s exceptional physical attributes, market-ready vacancy, and attractive location offer a premier investment opportunity at a fraction of replacement cost in one of Denver’s most desirable corporate hubs,” the marketing materials state.
Locally, Artis also owns the 20-story Hudson’s Bay Centre office building at 1600 Stout St. in downtown Denver and The Point at Inverness office building in the DTC, according to the firm’s website.
Also, CBRE is marketing Hudson’s Bay Center for sale. The 172,912-square-foot building, which Artis bought for $41.5 million in April 2014, is 63 percent leased, according to marketing materials.