The building is 85% leased, and the replacement cost for a building at that location and quality would be about $300 per sf. The building opened in 1982 and was built by a Canadian developer, at a time when Canadian developers were changing the skyline of Denver with trophy buildings filled with granite and marble. It was also during the energy boom, when oil prices were expected to rise to $65 per barrel, but instead cratered to less than $10. Later construction tended to be much more utilitarian, with more of a focus on efficiency than glitter and amenities.

"I've always coveted that building," Culshaw tells GlobeSt.com. "It's absolutely my favorite. It has seven corner offices. It has spectacular views of the mountain. You can see from Pike's Peak to Long's Peak. It was designed by SOM [Skidmore Owings & Merrill]. It's close to the new Colorado Convention Center and is on the light rail line."

With this purchased, the Tech Center, whose parent is London-based Peninsular & Oriental Steam Navigation Co., now owns more than 600,000 sf in urban office buildings. Last year, the Tech Center bought the 418,630-sf Ptarmigan building in the Cherry Creek area for $29.25 million, or $69.40 per sf. It also owns a full block in the heart of Cherry Creek North, where it plans to develop a $100-million luxury condominium, retail, restaurant and office complex.

The CB Richard Ellis Investment team of Mary Sullivan, Tim Swan and Ron Urgitus handled the Hudson's Bay transaction. The team has closed nearly $250 million in deals this year.