Denver-based Corum Real Estate Group constructed the building in 1984. It was at a time when lavish buildings were being constructed in anticipation that oil exceeding $65 a barrel, the levels it is now only starting to approach. Instead, oil fell below $10 a barrel at its low, leaving behind not only millions of square feet of empty buildings, but a philosophy to build nice, efficient buildings in the future and not ones clad in granite and other luxurious finishes, such as found at One DTC.
"We may never see another building of this quality built again in Denver during our lifetime," says Winn, who represented the seller, New York City-based C.V. Starr & Co. with fellow Cushman & Wakefield broker Tim Richey. C.V. Starr is the private investment vehicle for top executives in the company. Starr owned about five buildings in the metro area, but Miller Global only wanted One DTC, the crown jewel of its local holdings.
The building wasn't on the market, but Peter Savoie, who left Cushman earlier this year to join Miller Global, called the owners to see if they would be willing to sell. "This is Peter's deal," Jim Miller, a principal of Miller Global, tells GlobeSt.com. Miller Global is headed by Jim, and his father, Myron Miller.
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