Colorado Real Estate Journal -
A Canadian real estate investment trust picked up a second trophy asset in Denver for $71 million. Artis Real Estate Investment Trust bought 161 Inverness, a 256,767-square-foot Englewood office building that is 100 percent leased to digital TV provider DirecTV. DirecTV’s lease runs through 2025. Artis REIT financed the deal with cash and was arranging financing on it, according to Kirsty Stevens, Artis chief administrative officer. The deal follows Artis Real Estate Investment Trust’s recent $98 million acquisition of 1700 Broadway in downtown Denver. “We do like the Denver market, and we would consider other opportunities in that market if they fit our investment criteria,” Stevens said. A high-profile building along Interstate 25, 161 Inverness is a distinctive six story structure with a canted front that makes it appear to lean over Interstate 25. The Class A building features a two-story atrium lobby and “superior finishes,” according to the buyer. It offers panoramic Front Range views. The building has a generous, 6:1,000 parking ratio and also is adjacent to the pedestrian bridge for the Dry Creek light-rail station. It was constructed for ICG Communications at a cost of $34.5 million and also housed Level 3 Communications before becoming home to DirecTV. Because of the changing nature of the communications industry, Fentress Architects and W. Steven Wood Architects designed the building with floor plates that could accommodate numerous offices and conference room configurations. Denver-based Dividend Capital sold the property in a deal handled by Cushman & Wakefield of Colorado brokers Mike Winn and Tim Richey. Artis Real Estate Investment Trust invests in office, industrial and retail properties in Canada and the United States. Its portfolio comprises approximately 24.8 million sf.