Colorado Real Estate Journal -
A landmark Denver Tech Center building sold to an institutional investor for $37.83 million. Terrace Tower traded at $156 per square foot. The 12-story Class A building was 92 percent leased. Alliance Commercial Partners sold Terrace Tower to a major life insurance company that couldn’t be reached for comment on the deal. Alliance Commercial had owned the property for approximately two years. A prominent building that fronts Interstate 25, Terrace Tower drew “good activity” and multiple offers, according to Cushman & Wakefield of Colorado Inc. broker Mike Winn. Winn called Terrace Tower “a landmark building that everyone knows.” Distinguished by a white limestone and glass curtain wall, the 242,610-sf building houses tenants that include MetLife, National Farmers Union Property & Casualty Co., Molycorp Minerals, SunGard iWorks, Madison Payment Solutions and others. Located at 5619 DTC Parkway in Greenwood Village, the structure is adjacent to a pedestrian bridge that gives it direct access to the Orchard light-rail station. It also has a five-story parking structure that provides most of the building’s parking. The parking ratio of 3.9 spaces per 1,000 sf is higher than that of most buildings in the market. Terrace Tower’s lobby is finished in granite and marble. Panoramic views of the mountains are among the building’s amenities, which also include a cafeteria, conference facilities, a theater and fitness center. The 7.56-acre site features landscaped grounds with walking paths. Retail, restaurants, hotels and executive housing are prevalent throughout the surrounding area. The building’s 20,800-sf floor plates provide flexibility to accommodate either full-floor users or multiple tenants. Terrace Tower was constructed in 1984 and renovated in 2000. Winn and Cushman and Wakefield broker Tim Richey represented the seller.