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DENVER-Crescent Real Estate Equities Co. has paid $47.5 million for Peakview Tower, betting the Southeast submarket will continue to lead the area office market’s recovery. Fort Worth-based Crescent Real Estate Equities paid a partnership that included institutional and private investors $180 per sf for the 264,149-sf tower, which was 75% occupied at closing.

Company officials note the Southeast submarket is responsible for almost 40% of the metro office market’s net absorption. In the nearby Denver Technological Center, Crescent Real Estate Equities already owns the 15-story Regency Plaza at 4643 S. Ulster St.

Crescent Real Estate Equities most visible holdings are Downtown with the 675,400-sf Manville Plaza at 707 17th St., which includes the 613-room Marriott City Center. The company has three holdings in Cherry Creek: the 124,174-sf 44 Cook St.; 137,176-sf 55 Madison St.; and 130,652-sf the Citadel at 3200 Cherry Creek South Dr.

Peakview Tower was developed in 2001 by Dallas-based Insignia Commercial Investments Group, a subsidiary of New York-based Insignia Financial Group. Dallas-based WDG.Habib Architecture designed the $40-million curved, glass and steel building.

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