February 18, 2011
1800 Larimer: SOLD!
Denver, CO — Newmark Knight Frank Frederick Ross, the region’s leading full-service commercial real estate organization, has successfully completed sale negotiations for Denver central business district’s first LEED Platinum building, 1800 Larimer. As of February 15, 2011, the new owner of 1800 Larimer is an institutional client of Dallas-based Invesco Real Estate.
Specializing in investment management, Invesco Real Estate was extremely attracted to 1800 Larimer’s new construction and high-tech attributes, and aggressively pursued the purchase. The company became a front runner late in the sale process, according to Dave Tilton of Newmark Knight Frank Frederick Ross, who along with Andrew Weir and Steve Conley of HFF, handled all aspects of the sale.
“The building is the first of its kind and attracted a high level of interest,” stated Tilton. He added, “Long lease terms to credit tenants, coupled with large efficient floorplates, and other energy-saving features all factored into an appealing investment opportunity.”
Featuring high efficiency energy systems and healthy indoor environments, 1800 Larimer utilizes state-of-the-art under-floor air systems and floor-to-ceiling windows to maximize outside air and natural light. The 22-story building boasts a 17,000-square-foot outdoor terrace, Denver’s largest private park; an adjoining fitness center; conference facility; concierge security; and covered parking.
“1800 Larimer is a vanguard 21st century building, demanding a sale price reflective of its features,” says Rich McClintock, Westfield’s chief executive officer. “It’s one of the only multi-tenant LEED Platinum CBD office buildings in the United States, and the only one west of the Mississippi River.”
According to Tilton, the sale price for 1800 Larimer is the highest sale price ever paid for a Denver CBD high-rise. “This sale validates Westfield’s choice of locating the building between 18th and 19th Streets on Larimer Street and further elevates the surrounding lower downtown allure,” says Tilton. “The last two major office sales that occurred downtown were both on 18th Street. This helps prove up 18th Street as a major business thoroughfare for Denver, and that’s only going to strengthen in the coming years.”
Newmark Knight Frank Frederick Ross has been involved with 1800 Larimer from its inception. As the exclusive listing broker, the firm secured Xcel as the main tenant before construction began, and brought the building to 78 percent leased before it officially opened its doors last May. Less than a year later, the 495,518-rentable-square-foot project is now 90 percent leased. Newmark Knight Frank Frederick Ross is also a co-manager of 1800 Larimer with Westfield; the two teams will continue to manage the building for Invesco.
1800 Larimer is one of the largest office buildings begun and completed in the United States since 2008. Despite turbulent financial and market conditions, Westfield believed from the beginning that 1800 Larimer would attract tenants willing to pay for its innovative technologies, efficient floorplates and superior amenities. “This building has the elements that tenants will come to expect in the future,” states McClintock. “From a development perspective, it’s been an outstanding success, and should be an exceptional asset for Invesco‘s client.”
About Newmark Knight Frank Frederick Ross
Newmark Knight Frank joined forces last year with Frederick Ross Company, the largest privately held commercial real estate office in Denver. Newmark Knight Frank Frederick Ross has invested more than a century building the region’s largest full-service, independent commercial real estate organization. With a solid reputation for superior knowledge and proven results, Newmark Knight Frank Frederick Ross services include leasing advisory, investment sales, property management, consulting, development, marketing and research. To learn more about our capabilities, visit www.newmarkkffr.com.
About Newmark Knight Frank
Newmark Knight Frank is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.
About Westfield Company
Westfield Company, Inc. is a premier integrated real estate investment, development and management firm, which seeks superior performance for a select group of private investment clients by providing enhanced operating and living environments for tenants and residents in its owned, developed and managed properties. Based in Denver with operations in the Mountain West and Phoenix, the company develops highly innovative office, town center, and apartment projects as well as build-to-suits using vanguard technologies and systems. Several key members of Westfield’s development and management teams are LEED accredited professionals (AP).
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $36.5 billion of real estate investments, which includes $13.1 billion in US direct real estate portfolios, $10.3 billion in non-US direct real estate, and $13.1 billion in real estate securities (as of December 31, 2010). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance.
Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.
# # #