Giant real estate developer Hines has sold 1515 Wynkoop, an eight-story office building in downtown Denver, to an affiliate of a commingled fund managed by American Realty Advisors. The sale price for the 306,791 sq. ft. building was not disclosed, but industry insiders put the price at about $120 million, or $391 per sq. ft., according to The Denver Post.
Located on the southwest corner of 15th and Wynkoop in the heart of Denver’s Lower Downtown (LoDo) neighborhood, the building is currently 90% leased. Hines will retain property management and leasing responsibilities at 1515 Wynkoop.
Kirk Helgeson, executive managing director with American Realty Advisors headquartered in Glendale, Calif., says the Denver office market has stabilized and is poised for growth. “Investing in a high-quality, mixed-use core real estate property near Denver’s transportation hub is likely to generate superior returns for American Realty’s clients and demonstrate long-term success on a firm-wide level.”
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 ceiling heights of 9 feet, 4 inches, a first for Denver’s central business district. The building has been certified LEED Gold in the U.S. Green Building Council’s core and shell rating system.
The upscale building features a grand lobby entrance directly off Wynkoop Street, 26,000 sq. ft. of retail space on the first level, more than 10,000 sq. ft. of outdoor terrace space spread across various levels of the building, and 415 below-grade parking spaces.
“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,” says Charles Elder, senior vice president for the Southwest region of Houston-based Hines.
Hines entered the Denver market in 1983 with the development of the 52-story Wells Fargo Center (also known as the Cash Register building). In 1999, the privately held firm developed the 13-story, 4600 South Syracuse building in the Denver Tech Center.
Hines also is 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.
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.