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Chateau Plaza Acquired for $22 Million

AmeriVest Properties Snaps Up Second Dallas Property
By Jean Samayoa
November 27, 2002 | 9:49 P.M.

AmeriVest Properties Inc. acquired Chateau Plaza, 2515 McKinney Ave., in Dallas. The 171,000-square-foot, 18-story, Class-A office building sold for just over $128 per square foot. Ten tenants, including Dean Foods whose 120,607-square-foot lease terminates in December 2005, currently occupy the 98% leased property. At that time, AmeriVest plans to remarket the space to smaller target tenants as the company aims to expand within Dallas. William Atkins, CEO of AmeriVest commented, "We believe that Chateau Plaza is the best small tenant building in the market and will evolve to an appropriate tenant mix over time." Evan Stone of Eastdil Realty Company LLC represented Archon Group LP in the sale. AmeriVest was represented in-house.

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