The office tower at 1290 Broadway in Denver. (BusinessDen file)
An office tower south of downtown Denver has changed hands for the first time in two decades, for less than it fetched back then.
The 1290 Broadway building sold Monday for $22.4 million, according to public records. The structure is 17 stories and 252,000 square feet, meaning the deal works out to $89 a square foot.Â
The buyer, 1290 Broadway Realty LLC, lists an office address in Suffern, New York, and was registered as an entity by David Lapa, an attorney there. Lapa did not respond to a request for comment from BusinessDen.Â
Symetra Life Insurance Co. financed the deal, providing a $14.8 million loan that matures in June 2028, records show.
The tower was sold by an LLC linked to Iowa-based investment management and insurance firm Principal Investment Group. It bought the building in 2005, paying $31.8 million, records show.
An auction for the tower, known as Security Life Center, was conducted through the website Ten-X earlier this year. A broker involved with the auction didn’t respond to a request for comment.
The tower was built in 1986 and has relatively strong occupancy. It is 78.9% leased, according to the auction listing, and for 20 years its average occupancy rate has been 85%.
Anchor tenant ALPS Holdings, which has 26% of the space, renewed for another eight years in 2020, according to the listing. Other tenants include the Colorado Bar Association and the law firm Keating Wagner Polidori Free. Median tenant space is about 6,000 square feet.
The office tower at 1290 Broadway in Denver. (BusinessDen file)
An office tower south of downtown Denver has changed hands for the first time in two decades, for less than it fetched back then.
The 1290 Broadway building sold Monday for $22.4 million, according to public records. The structure is 17 stories and 252,000 square feet, meaning the deal works out to $89 a square foot.Â
The buyer, 1290 Broadway Realty LLC, lists an office address in Suffern, New York, and was registered as an entity by David Lapa, an attorney there. Lapa did not respond to a request for comment from BusinessDen.Â
Symetra Life Insurance Co. financed the deal, providing a $14.8 million loan that matures in June 2028, records show.
The tower was sold by an LLC linked to Iowa-based investment management and insurance firm Principal Investment Group. It bought the building in 2005, paying $31.8 million, records show.
An auction for the tower, known as Security Life Center, was conducted through the website Ten-X earlier this year. A broker involved with the auction didn’t respond to a request for comment.
The tower was built in 1986 and has relatively strong occupancy. It is 78.9% leased, according to the auction listing, and for 20 years its average occupancy rate has been 85%.
Anchor tenant ALPS Holdings, which has 26% of the space, renewed for another eight years in 2020, according to the listing. Other tenants include the Colorado Bar Association and the law firm Keating Wagner Polidori Free. Median tenant space is about 6,000 square feet.
