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LAKEWOOD, CO-HRPT Properties Trust, a Boston area REIT, has bought a three-building office complex that many investors wanted. HRPT paid $28.75 million to the Archon Group, a subsidiary of Goldman Sachs, for three buildings with a total of 213,000 sf in the Corporate Center at Academy Park in this suburb west of Denver.

The buildings are 100% leased by the General Service Administration, which handles government leasing. The tenant in the 10-year lease is the Bureau of Reclamation.

Mary Sullivan, now a broker with CB Richard Ellis and formerly with Cushman & Wakefield, handled the transaction.

“Our profile is to purchase properties on a long-term lease to credit tenants and this fits that profile,” John Mannix, president of HRPT tells GlobeSt.com. “In our entire portfolio, we have 202 office buildings with 21 million sf purchased at a historic cost of $2.8 billion in 27 states. Of those buildings, 20% of the total rents are by government agencies. The US government occupies 4 million sf in 38 separate properties in our portfolio.”

The REIT also owns a property adjacent to its recent purchase, and four other buildings in the metro Denver area.

“Denver is a target market for us,” Mannix tells GlobeSt.com. “We’re looking for government leased buildings, medical office buildings, and office buildings that are well-leased to credit-worthy tenants.”

It is not looking for buildings that are poorly leased, even though they have value-added potential.

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