LBA Realty parted with a Class A office building that it had owned for more than 20 years.
LBA sold 4601 DTC Blvd. to Denver-based DPC Cos. for $46 million. The 249,449-square-foot building is located in the northern end of the Denver Tech Center, an area in which DCP has been active over the last half-dozen years.
DPC President Chris King said 4601 is a high-quality building that LBA took very good care of during its ownership. “They have kept it full and did a nice job with it over the years,” he said.
DPC, which used to own nearby Denver Corporate Center II and III, typically has a building improvement program in mind when it acquires properties. In addition to updating common areas and the fitness facility, in this case it will move the café to the lower, walkout level. “Part of the lower level looks out on a really nice grass area, so we’ll put in patios out there and make the whole café experience much more welcoming and usable by the tenants in the building,” said King.
The Denver Metro Association of Relators, investment firm Spicer Jeffries and Trace3, an information technology consultant, are among more than 20 tenants in the building, which was approximately 82% occupied at the time of sale.
Noting that DPC has become “fairly defensive in our purchases over the last two years,” 4601 DTC Blvd. fits its bill as a quality building with multiple tenants and a diversified rent roll, said King. “We like how it positions us going forward in maybe more questionable times,” he said.
The 10-story building was built in 1982 and was known as the Texaco Building during the Denver oil boom. It has continuous glass lines, a conference center, structured parking, a fitness facility, showers and lockers, bike storage, 24,000-sf floor plates and 9-foot ceilings. The north DTC location provides access to Interstates 25 and 225, as well as restaurants, hotels and other amenities.
The CBRE Capital Markets, Institutional Properties team of Mike Winn, Chad Flynn, Tim Richey, Charley Will and Jenny Knowlton represented California based LBA Realty in the sale.
