Tuscany Plaza

DENVER-Lowe Enterprises of Los Angeles has sold the 259,118-square-foot Tuscany Plaza office campus at 6312 Fiddlers Green Circle in the Greenwood Village area to Cornerstone Real Estate Advisers. The class A, six-story building, composed of two connected towers, is adjacent to a major mixed-use development and the Arapahoe Road light-rail station.

Lowe acquired the property in 2005 on behalf of Lowe Enterprises Real Estate Income & Growth Partners. At the time of acquisition the campus was 74% leased. The property has averaged over 95% occupancy since 2005, and Lowe has recently completed long-term renewals with two major tenants.

Terms of the sale to Cornerstone were not disclosed. When Lowe bought the campus from Morgan Stanley Real Estate’s Prime Property Fund in 2005, it paid nearly $41.5 million for the property, which was then called MCI Plaza, according to a GlobeSt.com report at the time.

Brad Howe, CEO of Lowe Enterprises Investors, commented on the sale in a "prepared statement: “Tuscany Plaza has been an excellent asset and our management team has done an outstanding job of keeping the property stable through the recent downturn. With the improvement in the Southeast Denver submarket and the strength of the real estate capital markets, we felt it was an opportune time to sell."

Built in 1985, Tuscany Plaza features a courtyard with sculptures and other art pieces and a walking trail. Lowe's other investments in Colorado include the Solarium office building, Summit I and II office buildings, 198 Inverness Drive West and the Inverness Hotel and Conference Center in Southeast Denver, as well as the Vail Cascade Hotel. Lowe Enterprises was represented in the Cornerstone sale by Tim Richey and Michael Winn of Cushman & Wakefield.