TIC investors gain Denver high-rise

Triple Net Properties represented tenant-in-common investors in the purchase of a 552,988-square-foot office tower in Denver, Colo.

The value of the transaction was not disclosed.

The property, located at 633 17th St., is a 32-story, class A building. The property was originally completed in 1974, and in 1989 the office tower received extensive common area and elevator cab renovation, enhancing the overall appearance of the building. Additionally, the tenant areas have been substantially renovated within the last several years.

At the time of sale, the property was approximately 88 percent leased to 21 tenants and major tenants including: Colorado Department of Labor and Employment, Sherman and Howard LLC, and Colorado Department of Personnel and Administration.

Prudential Insurance Company of America, which was represented by CB Richard Ellis, sold the property.

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