DENVER–(BUSINESS WIRE)–Lowe Enterprises has completed the sale of the 259,118-square-foot
Tuscany Plaza office campus in the Greenwood Village area of Denver to
Cornerstone Real Estate Advisers. The Class A, six-story building,
comprised of two connected towers, is located at 6312 Fiddlers Green
Circle, adjacent to a major mixed-use development and the Arapahoe Road
light-rail station.
“With the improvement in the Southeast Denver submarket and the strength
of the real estate capital markets, we felt it was an opportune time to
sell. I believe the buyers have acquired an exceptional asset.”
Lowe Enterprises acquired the property in 2005 on behalf of Lowe
Enterprises Real Estate Income Growth Partners. At the time of
acquisition the campus was 74 percent leased. Under Lowe’s management,
Tuscany Plaza was leased up and has averaged over 95 percent occupancy
since 2005. In addition, the company recently completed long-term
renewals with two major tenants.
“Tuscany Plaza has been an excellent asset and our management team has
done an outstanding job of keeping the property stable through the
recent downturn,” noted Brad Howe, CEO of Lowe Enterprises Investors.
“With the improvement in the Southeast Denver submarket and the strength
of the real estate capital markets, we felt it was an opportune time to
sell. I believe the buyers have acquired an exceptional asset.”
Built in 1985, Tuscany Plaza has a distinctive design with a travertine
stone veneer façade and terraced bridges connecting the towers that
overlook a terrazzo plaza. The campus offers an expansive courtyard with
sculptures and other art pieces and a walking trail. Tuscany Plaza’s
appealing design and amenities coupled with its large, flexible floor
plates make it an attractive option for a variety of businesses.
Lowe Enterprises has maintained a regional office in Denver since 1985
and is an active buyer and seller of institutional real estate. Other
investments in Colorado include the Solarium office building, Summit I
and II office buildings, 198 Inverness Drive West and the Inverness
Hotel and Conference Center in Southeast Denver, as well as the Vail
Cascade Hotel.
Lowe Enterprises was represented by Tim Richey and Michael Winn of
Cushman Wakefield, Colorado.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate
investment, development and management firm. Over the past 39 years, it
has developed, acquired or managed more than $16 billion of real estate
assets nationwide. Lowe is currently responsible for more than $5
billion of commercial, hospitality and residential assets. In addition
to its Los Angeles headquarters, Lowe Enterprises maintains regional
offices in Washington DC, Denver, Southern California and Northern
California. For further information on Lowe’s activities, please visit: www.LoweEnterprises.com
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with offices in the US, UK, Europe
and Asia, is one of the world’s largest real estate investment advisers.
It provides core and value-added investment and advisory services,
including a comprehensive suite of real estate debt, equity and
securities expertise and services, to institutional and other qualified
investors around the globe. Cornerstone is a subsidiary of Babson
Capital Management LLC, a member of the MassMutual Financial Group. To
learn more, visit www.cornerstoneadvisers.com
Article source: http://www.businesswire.com/news/home/20110509005468/en/Lowe-Enterprises-Sells-Denver-Area-Office-Building
