The price per square foot ranks among the highest paid for a single-tenant building in the Denver area.The record belongs to Sydney, Australia-based Challenger International, which earlier this year paid $57.75 million for the two Invesco towers in DTC West, which equates to $219 per sf.
Kevin McKinnon and David Shapiro of Transwestern Commercial Services and Tom Clarke of the Dallas of the latest office handled the Invesco deal. The more recent Visa deal was handled by Tim Swan and Ron Urgitus of CB Richard Ellis.
Visa bought its own building because it determined that the cost of owning was less expensive than renting it from a third party. There was a great deal of interest in the building from investors.
Visa had a first right of refusal on the building, which was recently completed by Shea Properties. The sale price reflects its long-term lease, the creditworthiness of the tenant, the good suburban location and the high quality of the construction.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.