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AURORA, CO-Colorado & Santa Fe Real Estate Co., based in Broomfield, paid about $28 million for the 336,000-sf, five-building Aurora Corporate Plaza at the southeast corner of Iliff Avenue and Peoria Street. The seller is the Lincoln Property Co., which owned it on behalf of a public pension fund client.

The Aurora Corporate Plaza is considered one of the best office buildings in the city. TishmanSpeyer built the buildings in 1984. For the past two decades, Aurora Corporate has had the highest occupancy rates and the most stable tenants base of almost any suburban office complex in the Denver metro area, according to Carl Luppens, who recently joined Colorado & Santa Fe from the Denver-based Broe Cos. Tenants in the property include ADP, Merrick Engineering, Columbia Funds, Cendant, Wendy’s Coca-Cola, John Deere and Siemens.

Luppens, executive vice president for C&SF, found the building and will handle leasing. “We have a very aggressive leasing program in place that Carl will be spearheading,” says Marcel Arsenault, founder and chief executive officer of the privately held C&SF. “In these tough economic times, we have been ramping up our leasing efforts by offering cut-rate pricing. As an organization, we know the customer wants more than just affordable leasing rates, they want an organization that can meet their long-term need as well.”

The replacement cost of the building is at least twice the approximate$80 per sf C&SF paid, Luppens says. The building is part of $200 million that C&SF plans to spend on offices in the metro area, Luppens notes. C&SF paid cash for the campus.

“We were able to buy Aurora Corporate Plaza for cash because we havesubstantial capital on hand waiting to be placed,” Arsenault says. “In an effort to place the remaining capital we are actively seeking additional large office and apartment deals where we can add value.”

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