Regions West | Denver
Nov 3, 2008
Acting through Behringer Harvard Opportunity REIT II Inc., Behringer Harvard has acquired a 185,000-square-foot office property in Denver from Principal Life Insurance Co. The 15-story building at 1875 Lawrence St. occupies a half-acre parcel near Union Station in the city's historic Lower Downtown, or LoDo, area. Developed in 1982, the 1875 Lawrence features a three-level underground parking facility and is presently 97 percent occupied. Behringer Harvard did not reveal financial details of the transaction, but the company noted that the final price tag was well below replacement cost and lower than recent comparable property sales in the Central Business District. The company plans to make capital improvements to the property, and expects to benefit from the renewal or re-leasing of space that is currently occupied at below-market rents.
Acting through Behringer Harvard Opportunity REIT II Inc., Behringer Harvard has acquired a 185,000-square-foot office property in Denver from Principal Life Insurance Co. The 15-story building at 1875 Lawrence St. occupies a half-acre parcel near Union Station in the city's historic Lower Downtown, or LoDo, area. Developed in 1982, the 1875 Lawrence features a three-level underground parking facility and is presently 97 percent occupied. Behringer Harvard did not reveal financial details of the transaction, but the company noted that the final price tag was well below replacement cost and lower than recent comparable property sales in the Central Business District. The company plans to make capital improvements to the property, and expects to benefit from the renewal or re-leasing of space that is currently occupied at below-market rents.
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