| Acquisition Date: |
December 2003 |
| Project Size: |
198,000 square feet |
| Acquisition Cost: |
$17.1 million |
Acquisition Cost
per SF: |
$86 |
| Major Tenants: |
IBM |
| Date Sold: |
May 2006 |
| Buyer: |
HTL Acquisitions LLC |
| Sales Price: |
$26.4 million |
| Sales Price per SF: |
$133 |
| Investor IRR: |
40% |
Deal Highlights:
Mainstreet purchased this Class B building with its joint venture partner through a relationship with the seller and its long-term experience in the market. Located in the heart of the Denver Tech Center, this property was purchased at an 11% cap rate. Mainstreet negotiated an early renewal and expansion of the building’s largest tenant, IBM. The IBM renewal eliminated perceived risk in the market and Mainstreet was able to capitalize on the increased value. Mainstreet sold the Denver Corporate Center just 26 months after purchasing the property.
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