AT&T's Inverness Residency Gets Boost with Buy One, Sell One Strategy

DENVER-It’s a case of musical buildings, but Inverness Business Park is sure to reap the benefit in the long term. AT&T Broadband has paid $27.4 million for the former Citicorp Diners Club building in the Inverness Business Park along Interstate 25, which is south of the Denver Tech Center. AT&T Broadband recently sold its former headquarters in the Meridian International Business Park in Douglas County to Denver-based Tele-Tech Holdings for $31.5 million.

Citicorp, now called Citigroup after Citicorp’s merger with Travelers Insurance, in turn has moved due west to a new building across Interstate 25. The structure, developed by Miller Global, is in Waterview IV, says Garrick Olson, a broker with Cushman Realty. Olson is a close observer of the deals since he represented Citicorp when it renewed its lease in the Inverness building. He hasn’t been involved in the latest string of deals, however.

AT&T Broadband has paid about $148 per sf for the 184,545-sf building at 183 Inverness Dr. West. It has been sold by Great Lakes REIT of Oak Brook, IL, which purchased it in May 1998 for $20.1 million.