From The Real Deal · TRD Staff · · 1m
Real Capital and Dunton Buy Denver Office Building at Discount
Real Capital Solutions and Dunton Commercial partner to buy discounted Denver Tech Center office building as market hits bottom.
In brief
Real Capital Solutions and Dunton Commercial partner to buy discounted Denver Tech Center office building as market hits bottom. Real Capital Solutions and Dunton Commercial bought Terrace Tower office building for $23.8 million, a 37% discount from 2012 price, as Denver Tech Center office market shows recovery signs…
Real Capital and Dunton Partner
Real Capital Solutions and Dunton Commercial team up to buy discounted office building in Denver Tech Center submarket.
Terrace Tower Purchase Details
They paid $23.8 million for 243,460-square-foot Terrace Tower at 5619 DTC Parkway in Greenwood Village.
Price Discount and Leasing
The price is 37 percent discount from 2012 sale price of $37.8 million, with 72 percent leased to us government agencies and insurance firms.
Market Recovery Signs
Denver Tech Center office market shows recovery as deals now attract 10-15 bidders versus 3 before, with southeast Denver submarket bottomed out two years ago.
The takeaway
Real Capital Solutions and Dunton Commercial bought Terrace Tower office building for $23.8 million, a 37% discount from 2012 price, as Denver Tech Center office market shows recovery signs.
