DENVER — Lowe Enterprises Investors (LEI) has acquired Stanford Place II, a 366,184-square-foot office building in Denver for a reported $56.1 million. LEI acquired the Class A building on behalf of an investment client.
The 17-story building is located at 7979 Tufts Ave. in the North Denver Tech Center. It is situated at the I-25 and I-225 interchange. The building was constructed in 1982. It is currently 97 percent leased.
LEI plans to execute a capital improvements program that will include upgraded building systems, common areas and gathering spaces. Lowe Enterprises Real Estate Group, the firm’s local affiliate, will assume management of the property and oversee the renovation program.
Peter Morgan of Lowe Enterprises Real Estate Group represented LEI in this transaction. The seller, TIAA Realty, was represented by HFF’s Mary Sullivan and John Jugl. The firm’s Eric Tuppler assisted in securing debt on the property.