18-Story Colorado Office Building Just Sold for $62.25 Million
An 18-story office building in the Denver Tech Center has changed hands once again, this time with an increased price tag.
A Los Angeles-based real estate firm called Lowe purchased the Stanford Place II building from ML East Tufts LLC, another building operation business. The purchase added another Denver location to Lowe's already-impressive 4 million square feet of holdings in the city, this time at 7979 E. Tufts Ave. All together, Stanford Place II sold for $62.25 million, with its 366,184 square feet breaking down to $170 per square foot.
Lowe is already familiar with the building, so at the very least they won't be learning on the job.
Business Den reports that "the company said in a statement that its property management division, Hospitality at Work, had managed the building since 2014."
ML East Tufts LLC had initially purchased the property in June 2014 for $56.1 million.