Lowe, Los Angeles-based real estate investment and management firm, formerly known as Lowe Enterprises, has acquired 7979 E. Tufts, a 366,184-square-foot Class A office building in Southeast Denver. The purchase price was not disclosed.
The 18-story office building was built in 1982, also known as Stanford Place II, is located in the Denver Tech Center.
“7979 E. Tufts is a modernized office building, well-located in the premier Southeast Denver market near a light rail station that connects to Denver’s growing public transportation network,” said Marty Caverly, executive vice president of Lowe and Hospitality at Work in a press release.
“Denver is a solid office market and among the many metro areas across the country that Lowe has identified as top targets for acquisitions as we strategically grow our office portfolio,”
“Lowe’s Hospitality at Work team has operated the property on behalf of the prior owner since 2014. During this time, we adapted the building’s shared spaces as well as its management to create a carefully crafted environment based on the input and participation of the building’s tenants,” added Caverly.
Property will continue to be managed by Lowe subsidiary Hospitality at Work.
7979 E. Tufts offers 21,000-square-foot floorplates, nine-foot-high finished ceilings, and abundant windows for natural light and sweeping views of downtown Denver, the mountains and the surrounding area. 7979 E. Tufts’ central location at the I-25 and I-225 interchange and proximity to the Belleview Light Rail Station provides easy access for tenants and visitors. Southeast Denver offers nearly nine million square feet of retail, entertainment and restaurant options, providing tenants a wealth of nearby amenities.
Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal led Lowe’s acquisition team. The seller was represented by Mike Winn and Tim Richey of CBRE.