Todd W. Savage, managing director for Holliday Fenoglio Fowler LP in Dallas, tells GlobeSt.com that the German fund was the highest bidder in the select group of buyers jockeying for Denbury Park II at 5160 Tennyson Pkwy. He says KanAm also was the logical choice since it had bought Denbury Park I at 5100 Tennyson Park in February 2007 from Sandler Southwest of Dallas.

KanAm wrested Denbury Park II from its developer, Koll Development Co. A confidentiality clause bars Savage from discussing the price although sources have confirmed that it traded for north of $200 per sf. Collin County has the 5.1-acre Denbury Park II assessed at $15.68 million or roughly $153 per sf. In contrast, the 7.5-acre Denbury Park I is assessed at $21.17 million or nearly $207 per sf, which most likely accurately reflects its 2007 sale price.

Koll's building is a LEED-certified build-to-suit that came on line this year. Manish Bhatia and Gregory Moore, both with the fund's US subsidiary, KanAm Grund America LP, concur in a press release that the acquisition is "a strategic addition to our portfolio" because it secures the asset for Denbury's headquarters use.