Regions West | Denver
130,700SF Denver Office Tower Fetches $32M
July 11, 2008

A transaction that resulted in a change in ownership of The Citadel, a nearly 130,700-square-foot office building at 3200 Cherry Creek South Drive in Denver, Co., has recently closed. KBS Realty Advisors acquired the seven-story building from Fort Worth, Tex.-headquartered Crescent Real Estate Equities L.P. for approximately $31.8 million. Developed in 1986, The Citadel was 88 percent leased at the time of the trade. The property is home to a list of tenants that includes RBS Capital, New York Life and AG Edwards. KBS relied on internal assistance to facilitate the deal, while the seller turned to Mary Sullivan and Timothy Swan of CB Richard Ellis for representation.

 
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