Denver Office Building Changes Hands
- Jun 04, 2019
Stabilis Capital Management has sold the 63,170-square-foot Monaco Tower in Denver for $5.8 million, per Yardi Matrix information. The seller had purchased the asset in early 2014 for $6.2 million. The new owner is BF Borgers, which also owns a few other office assets across metro Denver.
Located at 925 S. Niagara St., the six-story building was completed in 1974 and received cosmetic renovations in 2009, according to Yardi Matrix. Less than 7 miles from downtown Denver, the asset is situated in a dense residential area with access to retail and dining options. The building’s vacancy rate was 11.6 percent at the time of sale, with the tenant roster including The New American College and local offices of Madison Realty Cos. and American Family Insurance.
At the beginning of the year, a Stabilis Capital Management-controlled fund sold a three-building office complex for $52 million in Conshohocken, Pa. The seller worked with a team from HFF to close that deal.