Independence Plaza Sells for $144M

DENVER-On behalf of Alaska Permanent Fund Corp., CB Richard Ellis Investors has acquired Independence Plaza, a 567,287-sf office building in downtown Denver. The purchase price was $144.5 million or $255 per sf, according to an industry source. The seller was Amstar-ARA Denver LLC, a joint venture of the locally based developer Amstar Group and institutional money manager American Realty Advisors.

Built in 1972 on 2.4 acres at 1050 17th St., the 25-story office tower is 98% occupied. Anchor tenants include Questar Market Resources and RNL Design. Amstar, which also occupies space in the building, acquired the property in July 2004 for $104 million. Amstar executive director Scott Gibler was not immediately available Wednesday for comment.

Alaska Permanent Fund Corp. manages the investments of the Alaska Permanent Fund, which was created in 1976 as the Alaska pipeline neared completion. The Fund receives at least 25% of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the state. The realized earnings of the fund may be spent by the state legislature.