(To read more on the TIC market, click here.)

DENVER-Triple Net Properties LLC of Santa Ana, CA bought the 32-story 633 17th St. office tower in the heart of the Central Business District from the Prudential Insurance Co. of America. A spokesperson with Triple Net says the TIC paid $90.28 million for the 552,988-sf, class A building.

The building, constructed in 1974 and renovated in 1980, is 88% leased with a strong tenant base, says Mary Sullivan, the CB Richard Ellis broker that represented Prudential with her teammates, Ron Urgitus and Tim Swan. The 21 tenants include the law firms of Sherman & Howard, Isaacson Rosenbaum PC, the Colorado Department of Labor and Employment and the Colorado Department of Personnel and Administration.

“It was an outstanding transaction,” Sullivan tells GlobeSt.com. “Prudential really owns and runs properties extremely well. It’s not just that the building is 88% leased, but the strength of the tenant base.” The state, she says, has 42% of the building, the entire low-rise portion of it, while the two major law firms, have been there for decades. “Finding such longevity of tenants and such high-quality tenants, really is a great deal,” she tells GlobeSt.com. Triple Net, as part of the deal, also acquired a 543-space, adjoining parking garage, she notes.

Triple Net out-bid more than two dozen other groups that wanted the buildings, she tells GlobeSt.com. “We had 28 offers,” she says.

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