Behringer, based in Addison, TX, is keeping Vector Management Co., an arm of Miller Global, to handle the leasing. Trammell Crow Services Co. will assume on-site management of the building. Tenants at Alamo Plaza' include Pioneer Natural Resources (successor to Evergreen Resources), Invesco, J Walter Thompson, Veritas Software and Brozena & Schaller.
"With tenant demand shifting from the south end of Downtown Denver to LoDo [Lower Downtown] on the northern end, the area surrounding Alamo Plaza has become a focal point of Downtown office space activity," says Robert Behringer, president and chief executive officer of Behringer Harvard. "The acquisition of Alamo Plaza provides our REIT with a core asset that we're confident will increase the overall performance of the portfolio."
Alamo Plaza is one of the few newer buildings in the historic district. With many small turn-of-the-century buildings that have been renovated for today's office tenants, as well as retail and restaurant, LoDo is short on modern office buildings like Alamo Plaza, Behringer says. This gives the building a competitive advantage because it offers a LoDo location with the quality and amenities of a modern building, he says.
Alamo Plaza is along the 17th Street financial district, on the edge of the historic Lower Downtown entertainment district where zoning is currently restricting new office development. The property includes a five-story parking garage with 472 underground and structured spaces.
The price wasn't disclosed. The Cushman & Wakefield team of Mike Winn and Tim Richey handled the transaction.
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