American Realty Times It Right on 1515 Wynkoop
The secret of success in real estate (and comedy)? Timing. The recent sale of the 307k SF 1515 Wynkoop by American Realty Advisors allowed the company to take advantage of record demand for office properties, notes American chairman and CEO Stanley Iezman (snapped at a Bisnow event). American likewise acquired the LoDo property at a good time, he adds, back in 2011, when the emerging trend in tenant demand was a migration to LoDo. The company was able to take the asset up to 100% occupied, and Invesco bought it for $172M.
The deal is part of a broader strength in Denver's office market, including LoDo. “We're seeing a wide range of interest in Denver across the board from institutions, REITs and foreign buyers, especially in the Lower Downtown submarket, which is benefiting from the Union Station development," American president Scott Darling tells us. The expanding LoDo amenity base and increase in residential units are attracting tenants, and as a result, continuing interest from investors in the market.