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Page 4 — COLORADO REAL ESTATE JOURNAL — April 1-April 14, 2015
Greater Denver
by Jill Jamieson-Nichols
The 1515 Wynkoop office
building near Denver Union Sta-
tion turned out to be a heck of an
investment for American Realty
Advisors, which sold the asset
for a near-record price of $560.44
per square foot.
American Realty Advisors
bought the Class AA building
just four years ago for $385 per
sf.
“The sale of this property
was timed to allow us to take
advantage of record-high inves-
tor demand
prior to the
ant i c ipa t ed
delivery of
new office
construction
in the mar-
ket over the
next 24 to
36 months,”
Stanley Iez-
man, Ameri-
can Realty Advisors Chairman
and CEO, said in a press release.
“Similarly, our timing on our
2011 acquisition of the property
enabled us to leverage emerg-
ing trends in tenant demand,
including a growing migration
to Lower Downtown based on
the area’s expanding amenity
base, its significant growth of
residential units and the $500
million Union Station redevel-
opment, which was in the early
stages when American acquired
the property,” he said.
Invesco Real Estate bought
1515 Wynkoop, a 306,791-sf
building that was developed
by Hines, for $171.94 million,
according to public records. The
eight-story building is 100 per-
cent leased.
No one associated with the
transaction would discuss the
price. But, except for the two
Union Station “wing buildings,”
which sold for just over $600
per sf, it’s well above previous
record prices achieved by Den-
UCHealth to bring new
hospital to Longmont
University of Colorado
Health is bringing a new
hospital to Longmont.
The hospital will feature
50 to 75 inpatient beds, an
intensive care unit, operat-
ing rooms and an emergen-
cy department. Advanced
cardiology services and a
birth center also will be
offered.
“Longmont and Boulder
County are growing rap-
idly, and we’re proud to
bring a new hospital to
the area to serve patients,”
said UCHealth President
and CEO Elizabeth Con-
cordia. “We’re extending
the proud tradition of the
Longmont Clinic and put-
ting their patients first. This
new medical center will
provide the highest quality
of care while also ensuring
an excellent patient experi-
ence.”
The new hospital is
expected to boost the
Longmont economy by
providing approximately
500 construction jobs. Once
completed, the hospital
will provide over 200 new
permanent jobs.
“As a physician who
has cared for patients in
Northern Colorado for 25
years, I’m excited that this
new hospital will enable
us to bring advanced care
close to home for patients
in Longmont and Boulder
County,” said Dr. Bill Neff,
The price paid for 1515 Wynkoop was a near record for Denver.
Stanley Iezman
Jonathan Stern, Publisher & Founder
Jennifer Hayes, Editor
Jill Jamieson-Nichols, Editor
John Rebchook, Editor
Kris Oppermann Stern, Editor
Michelle Askeland, Special Sections Editor
Ryan Gager, Special Sections Editor
Lori Golightly, Director of Client Services
Jill Harris, Circulation Manager
Production/Graphic Design:
Jennifer Steidley
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(ISSN 1060-4383) Vol. 24 No. 7