The building was 49% occupied when purchased. This marks Equus'first acquisition in Denver and its third acquisition in Colorado over the past three months. Equus' Colorado portfolio totals more than $25 million and more than 330,000 sf. Equus intends to acquire an additional $50 million to $75 million of investment property in Colorado in 2005 on behalf of Equus Realty Funds.

Equus acquired the Quad at Lowry IV from MetLife with brokerage services provided by Tim Swan, Mary Sullivan and Ron Urgitus of CB Richard Ellis. The firm also will handle leasing at the building, although Equus hired the locally based Frederick Ross Co. to manage the property.

Equus projects the high-quality, large-floorplate office property will achieve full occupancy by the end of 2005, given that other class A office properties within the Lowry business park enjoy high occupancy levels.

"Being only four years old and once fully occupied, we are essentially getting a new building with space already built out and ready for new tenants," says chief investment officer Jeff Schindler. "The successful conversion of the Lowry Air Force Base to a commercial and residential hub has created a vibrant business community with executive housing, amenities and retail all in one centralized location."