Real Capital Solutions, Dunton pay nearly $23.8M for Denver Tech Center office
The $98-a-square-foot price for Terrace Tower is 37 percent below what Sun Life Assurance Company of Canada paid in 2012.
At a glance
Real Capital Solutions and Dunton Commercial paid nearly $23.8 million, or $98 a square foot, for Terrace Tower, the Denver Business Journal reported, according to The Real Deal.
The price is 37 percent below the $37.8 million Sun Life Assurance Company of Canada paid for the property in 2012, a figure that works out to roughly $155 a square foot.
Real Capital Solutions and Dunton Commercial paid nearly $23.8 million, or $98 a square foot, for Terrace Tower, the Denver Business Journal reported, according to The Real Deal. The 243,460-square-foot building is at 5619 DTC Parkway in Greenwood Village's Denver Tech Center.
The price is 37 percent below the $37.8 million Sun Life Assurance Company of Canada paid for the property in 2012, a figure that works out to roughly $155 a square foot.
It is the first time the two Colorado firms have partnered on an acquisition, according to the report. The buyers describe the Denver Tech Center submarket as already showing signs of recovery.
The $98 figure measures the fall from 2012 pricing, not where the submarket settles today. The buyers' recovery read is a claim about the Denver Tech Center, and a single sale at this basis is one data point behind it.
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