A yearling office tower in downtown Denver got a new owner for Christmas.
An affiliate of , closed Wednesday on the purchase of the 22-story building at 1401 Lawrence St., according to a news release from commercial real estate brokerage CBRE, which represented the seller.
The building, named 1401 Lawrence, was developed and owned by Toronto-based First Gulf Corp. Its 309,988 square feet of Class AA space first welcomed tenants in the last quarter of 2016.
Those involved in Wednesday’s transaction did not disclose the sale price.
The tower, located around the corner from Denver’s chic Larimer Square shopping area, just a few blocks from the 16th Street Mall, is 98 percent leased according to CBRE. Its tenants include –whose name sits atop its glimmering, glass facade— Co-Biz Financial and Jagged Peak Energy. , First Gulf touted the building’s LEED Gold certification and eight levels of private parking, as well as 360-degree views.
“1401 Lawrence is one of the most visible and stunning properties on Denver’s skyline,” Mike Winn, vice chairman of CBRE Capital Markets, Institutional Properties, said in the news release. Winn was among the CBRE employees who represented First Gulf in the sale.
“When you factor in the world-class construction, striking mountain views, strong tenancy and highly sought-after location, it created a truly irreplaceable investment opportunity,” he said.
CBRE touted 1401 Lawrence as the newest hi-rise in downtown Denver, but it will soon be eclipsed –both in size and newness– by a near neighbor. Hines’ 40-story 1144 Fifteenth tower is expected to open in the early part of 2018. Fronting on 15th Street, between Lawrence and Arapahoe streets, the tower has already announced a few incoming tenants including Chipotle Mexican Grill’s corporate headquarters.
