The Denver office of Hines has announced that it has acquired the Guaranty Bank Building in Lower Downtown Denver (LoDo). It was acquired on behalf of National Office Partners Limited Partnership (NOP), Hines' investment partnership with the California Public Employees' Retirement System (CalPERS), from Westfield Capital Partners, LLC. The purchase price was not disclosed. The 13-story, 220,287-ft² office building is located at 1331 17th Street at the corner of 17th and Market streets, in close proximity to Coors Field, the Pepsi Center and LoDo's many restaurants, shops and residential developments.
David G. Tilton and Todd W. Alton of Frederick Ross Company represented the Seller, and Hines represented NOP in the transaction. Hines will assume property management responsibilities, and Frederick Ross will continue in their leasing role.
Guaranty Bank Building was developed by Architect Bill L. Walters and Westfield Development Company, and was completed in 1983. The Class A building is clad in black tinted spandrel and double-pane vision glass. Beyond the building's main entrance on 17th Street is an expansive lobby featuring granite tile floors and wood-paneled walls. Parking is provided in an attached nine-level structure (three below-grade levels and six above-grade levels) providing a total of 650 spaces. The Guaranty Building's irreplaceable location on the eastern edge of LoDo provides tenants and visitors with an unmatched combination of access via Interstate 25, breath-taking mountain views, excellent visibility, proximity to mass transportation (the Regional Transportation District Market Street Station for access to the citywide bus system and light rail is immediately adjacent), and a wide variety of amenities available in LoDo and the Central Platte Valley.
The office building is currently 99 percent leased to a prestigious roster of tenants including: Guaranty Bank, Camp Dresser and McKee, David Evans & Associates, and Neidiger Tucker Bruner.
"The vibrant LoDo market continues to be the best submarket in Denver. We love the idea of acquiring not only a Class A building, but also of controlling a significant amount of parking in this part of downtown," said Hines Senior Vice President Charles Elder. "We're also excited to expand our presence in LoDo, as we are currently developing the 1515 Wynkoop office building just blocks away. This plants the Hines flag even more firmly in downtown Denver."
"Guaranty Bank Building is an exceptional addition to the NOP portfolio," said Dan Rashin, Hines' senior vice president who heads the NOP partnership. "We will continue to seek new development, value-add and existing-building investment opportunities in the area and across the country."
Source: Hines
