Boston-based Beacon in late December paid about $49 million for the Class-A, 25-story building measuring 489,390 sf. It also is called the Bank One building and was sold by Metropolitan Life.

The contract represents the second of its type for Means Knaus, based in Houston, and Beacon.Means Knaus took over operations of the nearby Park Central building at 1515 Arapahoe St. in 2001. Park Central is a 537,210-sf, Class A office building.

Douglas A. Knaus, principal of his namesake company, says the new arrangement is a significant milestone in his company's efforts to establish an increased presence in Colorado. His company also manages several suburban buildings in the Denver area, such as the Travelers Express building along the southeast corridor owned by the Wells Operating Fund.

"Taking over the 17th Street property gives us the opportunity to grow our business in Denver, which has been a strategic initiative of ours since we opened offices there two years ago,"Knaus tells GlobeSt.com."In addition, we are pleased to add another property of this caliber to our company portfolio and to continue our valued relationship with the people of Beacon Capital Partners."

Knaus is no stranger to Denver.In the mid 1970s, he was director of leasing and marketing for Urban Investment and Development, headed by Denver developer Myron "Micky" Miller. Knaus was involved in four CBD buildings with Miller, including the City Center block at 17th and California streets.

The 1125 17th Street building is made up of four building components: the 25-story office tower, a single-story retail outlet along the Skyline Park; a three-level subterranean parking garage and a drive-through motor banking facility. The building currently is 85% leased. Tenants include Bank One, Met Life and the law firm of Hall & Evans.Means Knaus Partners is a privately held commercial real estate firm that specializes in developing, acquiring, managing and leasing assets.

With offices in Dallas, Houston and Denver, the firm currently has interests in $300 million in office and land developments.The firm's founding principals, Knaus and Steven A. Means, formerly were partners in the Dallas-based Paragon Group, where they were responsible for a commercial portfolio of more than $1 billion.