12/13/2007

Denver's Independence Plaza brings $144.5M

by

Independence Plaza

CB Richard Ellis Investors, on behalf of an Alaskan pension fund, has purchased Independence Plaza in downtown Denver, Colo., for $144.5 million from Amstar-ARA Denver, LLC, a joint venture between Amstar Group and Glendale, Calif.-based American Realty Advisors.

Mike Wynn and Tim Richey of Cushman & Wakefield represented the joint venture in the sale of the 567,287 square foot office property that sold for $225 per square foot.

Built in 1972 on 2.4 acres, the office building is located at 1050 17th St. The 24-story property is currently 98 percent occupied to tenants such as Amstar, Cingular Wireless and Questar Market Resources. Amstar, a privately owned national real estate investment and development company, acquired the building in July 2004 for $104 million.

Address: 1050 17th St., Denver, Colo.

Size: 567,287 square feet

Built: 1972

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Filed Under: Office

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