Behringer Harvard Sells Premier Denver-Area Office Property
- Feb 25, 2008
The 153,000-square-foot office building at 9100 Mineral Circle in Englewood, Colo., has just come under new ownership with Behringer Harvard’s disposition of the Class A office property four years after having acquired it. Sited on an eight-acre parcel in the Panorama Business Park and surrounded by the city’s largest concentration of executive housing, 9100 Mineral was originally developed in 1988 as the world headquarters for Cyprus Minerals. Behringer Harvard acquired the four-story structure in December 2004 for $19.8 million. Today the building is fully leased to United Launch Alliance, a joint venture entity involving Lockheed Martin and Boeing. Behringer Harvard will reinvest the funds from the disposition, the first for Behringer Harvard REIT I Inc., into other asset acquisitions. “We’re interested in markets across the country, and we remain interested in the Denver area, too,” Jason Mattox, Behringer Harvard executive vice president, told CPN today. “The fundamentals that attracted us to Denver in the first place have not eroded. It has the amenities of good transportation and a great airport, and it is still a great place to do business. It still has good commerce and a highly educated workforce. It’s a great market.”The Behringer Harvard REIT I portfolio encompasses interests in 75 properties accounting for an aggregate 25 million square feet of space across 23 states and the District of Columbia. The publicly offered, non-exchange traded REIT focuses on the acquisition of institutional office properties in major metropolitan areas, and has a planned life of eight to 12 years. One of its more significant purchases took place last November with the closing of the acquisition of four Chicago office properties totaling 3.2 million square feet from Beacon Capital Partners.Headquartered in Addison, Texas, Behringer Harvard is a commercial real estate investment concern active in the United States and abroad.