(DENVER, CO) – The Denver office of Hines, the international real estate firm, today announced the sale of 1515 Wynkoop to an affiliate of a commingled fund managed by American Realty Advisors.
Financials on the deal were not disclosed.
Located on the southwest corner of 15th and Wynkoop in the heart of Denver’s Lower Downtown (LoDo) neighborhood, the eight-story building contains approximately 300,000 square feet and is currently 90 percent leased.
“1515 Wynkoop set a new standard for Denver’s Class A space, with its combination of classic architecture and all the features of state-of-the-art office space in an irreplaceable location,” said Hines Senior Vice President Charles Elder.
“We are tremendously proud of this building and look forward to our continued involvement as the property manager,” added Hines Senior Project Manager Jay Despard.
The building has been certified LEED® Gold in the U.S. Green Building Council’s Core & Shell rating system and has also been recognized by the U.S. Environmental Protection Agency (EPA) as “Designed to Earn the ENERGY STAR®”.
1515 Wynkoop is the first and only multi-tenant office property in Denver to achieve both designations.
“American recognizes that the downtown Denver office market has experienced unprecedented economic stability in 2010 and is projected for continued growth in the years to come. As such, investing in a high-quality, mixed-use core real estate property near Denver’s transportation hub is likely to generate superior returns for American’s clients and demonstrate long-term success on a firm-wide level,” stated American’s EVP/Executive Managing Director, Investments Kirk Helgeson.
Designed by Hartman-Cox Architects, 1515 Wynkoop is clad in brick and glass, in keeping with the historical tradition of its neighboring structures.
Maximizing natural light in tenant spaces, the building contains full-height windows and 9’ 4” finished ceiling heights, a first for Denver’s CBD.
The building features a grand lobby entrance directly off of Wynkoop; 26,000 square feet of retail space on the first level; more than 10,000 square feet of outdoor terrace space spread across various levels of the building; and 415 below-grade parking spaces.
American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With approximately $3.7 billion in assets under management, American has provided innovative real estate solutions to institutional investors for over 22 years utilizing core and value-added commingled funds and separate accounts. The firm’s portfolios include office, industrial, multi-family, retail and other properties nationwide. More information regarding American can be found online at www.americanreal.com.
Hines entered the Denver market in 1983 with the development of the 52-story Wells Fargo Center (aka the Cash Register building), and in 1999, the firm developed the 13-story 4600 South Syracuse building in the Denver Tech Center.
Hines is also known for several resort properties it developed in Colorado including: Aspen Highlands Village; River Valley Ranch in Carbondale; and Zephyr Mountain Lodge in Winter Park.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.