BrokerageOfficeProperty Management

Lowe Acquires 366,184-Square-Foot DTC Office Building

Lowe, a national real estate investor, developer and manager, has acquired 7979 E. Tufts, a 366,184-square-foot, Class A office tower in Southeast Denver. Built in 1982, the 18-story building, also known as Stanford Place II, is located in the Denver Tech Center.

“7979 E. Tufts is a modernized office building, well-located in the premier Southeast Denver market near a light rail station that connects to Denver’s growing public transportation network,” said Marty Caverly, executive vice president of Lowe and Hospitality at Work. “Denver is a solid office market and among the many metro areas across the country that Lowe has identified as top targets for acquisitions as we strategically grow our office portfolio.”

7979 E. Tufts offers 21,000-square-foot floorplates, nine-foot-high finished ceilings, and abundant windows for natural light and sweeping views of downtown Denver, the mountains and the surrounding area. 7979 E. Tufts’ central location at the I-25 and I-225 interchange and proximity to the Belleview Light Rail Station provides easy access for tenants and visitors.

“Lowe’s Hospitality at Work team has operated the property on behalf of the prior owner since 2014. During this time, we adapted the building’s shared spaces as well as its management to create a carefully crafted environment based on the input and participation of the building’s tenants,” added Caverly.

In addition to securing One Belleview Station at 7001 E. Belleview Ave., Western Union signed a long-term lease in 2017 at 7979 E. Tufts Ave., where critical business operations will be conducted.

Hospitality at Work, Lowe’s workplace experience and property management platform, has overseen a comprehensive program of building improvements to upgrade building systems, refresh and reimagine common areas and enhance gathering spaces, including the addition of an outdoor place and a tenant Connect Room, to create a welcoming workplace and community environment at the building. In addition to physical improvements, Hospitality at Work, Lowe’s workplace experience and property management platform, has created and implemented a continuing program of community-building events to offer education, entertainment and team-building opportunities, further fostering an environment of caring, engagement and connection for tenants at the building.

Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal led Lowe’s acquisition team. The seller was represented by Mike Winn and Tim Richey of CBRE.

Lowe has maintained a regional office in Denver since 1985. The firm currently operates approximately 4 million square feet of commercial space in the Denver area. Lowe’s hospitality affiliate, Coraltree Hospitality, is based in Denver and operates numerous hotel and resort properties throughout Colorado and nationwide.

Image of 7979 E. Tufts Ave., Denver, courtesy of Western Union.

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