An investment venture led by has acquired , a 16-story, 190,000-square-foot office building at 1401 17th Street in LoDo.
The acquisition is the first investment by the new venture, which also includes a subsidiary of Allstate Insurance Co. and The Guardian Life Insurance Co. of America.
The venture targets office properties in supply-constrained western U.S. markets that can be increased in value through asset improvements or new management strategies and positioned to benefit from the economic recovery.
“Lowe Enterprises Investors has a long and successful history of office investment in the Denver area,” said Brad Howe, CEO of LEI. “Alamo Plaza is ideally suited to kick off our new investment venture with Allstate and Guardian, as it is a well-located property with solid in-place income. There is an opportunity to increase the value of the asset by making property upgrades.”
LEI affiliate Lowe Enterprises will assume management of the 85 percent leased property and oversee a $2 million capital improvement program. Lowe also plans to implement an aggressive leasing program to improve occupancy at the property.
LEI’s Denver area investment activities on behalf of institutional clients include the recent acquisition of the 230,000-square-foot Denver Club office building and the two-building, 170,000-square-foot Solarium property in Greenwood Village.
John Mossman: 303-954-1479, jmossman@denverpost.com
