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Longwing Real Estate Ventures in partnership with Hamilton Partners and Titan Southwest LLC purchased the Denver Corporate Center I for $28.2 million. The Property is an eleven-story, 195,000 SF, Class B office building located in the Denver Tech Center (“DTC”), the preeminent submarket of Denver. The Property is currently anchored by IBM and FRx Software, a Microsoft. Additionally, the Property, which sits on 6.9 acres, includes 400,000 square feet of future building entitlements which are currently used as surface parking.
The acquisition of the Property would be LREV’s third with Hamilton Partners and our second deal in the DTC. Park Place, our first deal, is a 171,500 SF, Class B+ office building located less than a mile from the Property. LREV and HTS closed the deal at the end of August 2006.
The Denver office market finished 2005 with all indicators positive, renewing optimism of a long-term improvement trend.
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