DENVER—Logan Tower, a 69,968-square-foot, class B office building in the Uptown District has been acquired by City Office REIT Inc. for an undisclosed amount. Transwestern's Denver office represented the seller, DPC Cos. in the transaction that was announced Monday.

Logan Tower, located was 95% leased to 21 tenants at the time of sale. Managing directors Brad Cohen and Larry Thiel of Transwestern's Denver investment sales group brokered the transaction on behalf of DPC.

“The Uptown District is home to some of Denver's most prominent landmarks, and is considered one of the hippest neighborhoods in Denver, with a vibrant mix of urban culture and the impressive stretch of 17th Avenue's 'Restaurant Row,'” said Thiel. “Logan Tower's recent performance is a testament to the area's popularity.”

Built in 1986, Logan Tower has had only two owners since construction. DPC purchased the asset in 2012 and has made significant capital improvements.

“We executed our plan of turning an under-performing asset into a stabilized, top tier building for the submarket, while leaving upside rent growth for the buyer,” said DPC Development's Justin Lutgen.  “We were pleased with Transwestern's ability to tell Logan Tower's story to a broad base of investors.  Ultimately, we transacted with a great buyer in City Office REIT.”

Logan Tower benefits from its close proximity to the State Capitol and Financial District, and has attracted nine state agencies as tenants, including the Colorado Energy Office, Colorado Division of Water Resources and Department of Education. The property also offers abundant covered and secure parking.