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Exclusive: LoDo Towers Sell to CIM Group

Zeller Realty Partners Purchased the Properties in 2013 and 2015
May 11, 2018
Pictured: 1401 17th St., one of two buildings that make up the LoDo Towers in Denver.

Chicago-based Zeller Realty Group sold two office towers in downtown Denver to Los Angeles-based CIM Group for a total of $189 million, according to warranty deeds filed with the Denver County Clerk and Recorder Friday.

CIM Group paid $103 million, or about $470 per square foot, for 1331 17th St. and $86 million, or about $449 per square foot, for 1401 17th St., according to the deeds.

Zeller purchased 1331 17th St., also known as the Guaranty Bank building, in 2013 for $70 million, or $317 per square foot. The property is 13 stories tall and includes 218,906 square feet of office space that is about 77 percent occupied, according to CoStar data.

In 2015, Zeller bought the 16-story, 191,151-square-foot 1401 17th St. for $75 million, or about $310 per square foot, according to CoStar data. The tower is also about 77 percent occupied.

Together, Zeller dubbed the properties “LoDo Towers,” as the properties are located in Denver’s Lower Downtown district.

A representative from CIM did not immediately respond to phone or email requests for comment, and a representative from Zeller declined to comment when reached by phone Friday.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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