June 15-July 5, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 11
Office
by Jill Jamieson-Nichols
A Florida company that’s
been eager to add to its Den-
ver Tech Center holdings
purchased Stanford Place I, a
273,963-square-foot office tower.
“We’ve been tracking addi-
tional opportunities in the Den-
ver Technology Center submar-
ket the last two years since pur-
chasing 6455
S. Yosemite,
also a Class A
office tower
that has been
a strong per-
former
for
us,” said Ariel
Bentata, man-
aging partner
of
invest-
ments
for
Hallandale Beach-based Acces-
so Partners.
“Stanford Place is larger and
has the same coveted north-
east tech center location. It’s a
quarter-mile from the conver-
gence of I-25 and I-225 with
a nearby light-rail system and
offers sweeping views of the
mountains. This acquisition
should provide Accesso addi-
tional economies of scale as the
firm expands its holdings in
Denver,” Bentata said.
Stanford Place I is a 14-story
building that was 88 per-
cent leased to a diverse mix
of national credit companies,
including software, insurance,
financial services, engineering
and health care. They include
Moody Insurance Agency, Lin-
coln National Life, Smith Seck-
man Reid, Chicago Title, Nike,
Sumitomo Corp. and Provi-
digm.
No one industry represents
more than 25 percent of the
tenancy.
The property offers the oppor-
tunity to increase value by leas-
ing up the vacant space and
bringing rents to market as leas-
es come due.
Broadreach Capital Partners
sold the asset. The price wasn’t
released, but public records
listed it as $43.25 million, or
$157.87 per sf.
Stanford Place I has rectangu-
lar, 20,000-sf floor plates, a large
fitness center, conference center,
deli and covered parking.
“DTC’s access and proximity
to downtown and the region’s
work-hard, play-hard and enjoy
life mind-set is a big reason
tenants can attract top talent,”
said Brian Rosen, Accesso man-
aging director of acquisitions.
“At our recent annual Brokers
Conf e rence
in
Miami,
a t t e n d e e s
g e n e r a l l y
agreed that
s u b u r b a n
office proper-
ties offered
the greatest
value poten-
tial
across
markets. The
growth of the DTC seems to
underscore that consensus.”
According to Bentata, Accesso
is “actively looking to further
deepen and broaden its pres-
ence in the Denver market.” He
said Broadreach Capital main-
tained the asset “to the highest
institutional quality standards”
during its ownership, securing
LEED Silver certification.
Stanford Place I, built in 1980
and renovated in 2002, has a
parking ratio of 3.3:1,000 sf,
including structured parking.
CBRE’s Mike Winn, Tim
Richey, Chad Flynn and Jenny
Knowlton, who handled the
sale of 6455 S. Yosemite to
Access two years ago, brokered
the transaction.
“We marketed the property
nationwide, and there were
numerous competitive bid-
ders,” said Flynn. Flynn said the
buyer “moved very quickly, did
its due diligence in two weeks
and put down a substantial non-
refundable deposit. Accesso has
a reputation for transacting expe-
dited closings on schedule.”
Susan Hill, senior managing
director of HFF in Houston,
arranged acquisition financing.
Cushman & Wakefield will
manage leasing.
Other News
n
A 4,023-square-foot office
building at 864 Santa Fe Drive
in Denver sold for $975,000, or
$242.36 per sf.
The buyer,
Apex Energy,
plans
to occupy the second floor and
lease out the first floor, according
to
Eric Shaw,
senior adviser at
Pinnacle Real Estate Advisors.
“This property was a rare
opportunity to purchase a small
office property in central Den-
ver that is virtually brand-new.
The building was completely
renovated prior to the sale,” said
Shaw, who represented the sell-
er,
864 Santa Fe LLC.
s
Stanford Place I is distinguished by a black glass façade.
The building at 864 Santa Fe in
Denver sold for $242.36 per square
foot.
Ariel Bentata
Brian Rosen
