Two Area Cushman & Wakefield Execs Report ‘Best Month’ in 20 Years
- Jan 19, 2012
Tim Richey and Mike Winn, both vice chairmen with Cushman & Wakefield, were two of the top investment brokers in the Denver commercial real estate market in 2011 and they finished the year strong as they closed on two large assets, according to The Denver Business Journal.
In fact, Tim Richey has said that December 2011 was one of the biggest months they’ve had in 20 years. Together with Mike Winn, he represented LBA Realty LLC in the sale of the TW Telecom Inc. corporate headquarters building in Lone Tree and the U.S. Department of Transportation building in Lakewood.
The TW Telecom building, known as Park Ridge One, was sold to Westfield Co. Inc. for $37.75 million. The 166,708 square-foot single-tenant building is located at 10475 Park Meadows Drive. TW Telecom has recently signed an expansion and a 10-year lease for the Class A office building.
The property in Lakewood was sold by Founders Properties LLC of Minneapolis to investment advisor Arch Street Capital Advisors LLC for $30.4 million. The 122,225 square-foot building located at 12300 W. Dakota Ave. is 100 percent leased by the U.S. Department of Transportation.
In the last month of 2011 the duo also closed an estimated $300 million worth of investment property including the biggest deal of the year, the sale of the former Qwest building located at 1801 California St.
Tim Richey said the accomplishments prove there’s a lot of liquidity and a lot of ability to buy and trade. The team expects the volume of investment sales in 2012 to exceed those of 2011.
Photo Courtesy of: www.winnrichey.com