Lowe Acquires 366,184-Square-Foot Denver Office Building
DENVER--(BUSINESS WIRE)--Nov 11, 2019--
Lowe, a national real estate investor, developer and manager, has acquired 7979 E. Tufts, a 366,184-square-foot, Class A office tower in Southeast Denver. Built in 1982, the 18-story building, also known as Stanford Place II, is located in the Denver Tech Center.
“7979 E. Tufts is a modernized office building, well-located in the premier Southeast Denver market near a light rail station that connects to Denver’s growing public transportation network,” said Marty Caverly, executive vice president of Lowe and Hospitality at Work. “Denver is a solid office market and among the many metro areas across the country that Lowe has identified as top targets for acquisitions as we strategically grow our office portfolio.”
Denver benefits from a diverse employer base, strong job growth, a robust and growing public transportation network and is often ranked among the nation’s most desirable cities attracting businesses and a highly skilled and educated work force. These are attributes that align with Lowe’s criteria for its expanding commercial office portfolio.
7979 E. Tufts offers 21,000-square-foot floorplates, nine-foot-high finished ceilings, and abundant windows for natural light and sweeping views of downtown Denver, the mountains and the surrounding area. 7979 E. Tufts’ central location at the I-25 and I-225 interchange and proximity to the Belleview Light Rail Station provides easy access for tenants and visitors. Southeast Denver offers nearly nine million square feet of retail, entertainment and restaurant options, providing tenants a wealth of nearby amenities.
“Lowe’s Hospitality at Work team has operated the property on behalf of the prior owner since 2014. During this time, we adapted the building’s shared spaces as well as its management to create a carefully crafted environment based on the input and participation of the building’s tenants,” added Caverly.
Hospitality at Work, Lowe’s workplace experience and property management platform, has overseen a comprehensive program of building improvements to upgrade building systems, refresh and reimagine common areas and enhance gathering spaces, including the addition of an outdoor place and a tenant Connect Room, to create a welcoming workplace and community environment at the building. In addition to physical improvements, Hospitality at Work has created and implemented a continuing program of community-building events to offer education, entertainment and team-building opportunities, further fostering an environment of caring, engagement and connection for tenants at the building.
Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal led Lowe’s acquisition team. The seller was represented by Mike Winn and Tim Richey of CBRE.
Lowe has maintained a regional office in Denver since 1985. The firm currently operates approximately 4 million square feet of commercial space in the Denver area. Lowe’s hospitality affiliate, Coraltree Hospitality, is based in Denver and operates numerous hotel and resort properties throughout Colorado and nationwide.
Los Angeles-based Lowe, formerly known as Lowe Enterprises, is a leading national real estate investment, development and management firm. Over the past 47 years, it has developed, acquired or managed more than $32 billion of real estate assets nationwide as it pursued its mission to build value in real estate by creating innovative, lasting environments and meaningful experiences that connect people and place. Lowe currently has more than $2 billion in commercial real estate projects in the pipeline or under development. In addition to its Los Angeles headquarters, Lowe maintains regional offices in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, DC. For more information visit www.Lowe-RE.com
About Hospitality at Work
Hospitality at Work, Lowe’s workplace experience and property management platform, delivers performance and service beyond the expected. Hospitality at Work combines on-site building management with insightful community management to authentically connect people to the places they work. Specially-trained hosts deliver service that goes beyond the expected to make workplaces more engaging for everyone. Hospitality at Work brings hands-on transition teams, skilled building engineers, and dedicated property managers together to create places and customize programs that enable people to perform at their best every day.
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CONTACT: Karen Diehl
KEYWORD: COLORADO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING
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PUB: 11/11/2019 12:04 PM/DISC: 11/11/2019 12:04 PM