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DENVER-Despite the tough market, Peter Culshaw and David Friedman have sold the 86,000-sf Third Maroon Circle office building in the Meridian International Business Center in Douglas County to the Rreef Fund for $155 per sf, or about $13.5 million. Culsahw, president of the Denver Tech Center, which also owns Meridian, developed the building with Friedman almost two years ago.

In these turbulent times, it’s an accomplishment to sell an office building, Culshaw says.

“But it is a well-leased building,” Culshaw tells GlobeSt.com. “We did not get quite as much for this building as we did the others, but we’re not that many miles away either. Of course, you would always like to get more, right? I think it was a good deal for us and a good deal for Rreef. They have a good asset. It’s a win-win situation.”

Peter Savoie of Cushman & Wakefield handled the transaction.

“One-hundred-and-fifty-five dollars per sf is a good price,” Savoie tells GlobeSt.com. “It’s 93% leased to good tenants. And we have another lease out there that will bring it to 100%. I’m quite confident that deal is going to be signed.

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