Principal Real Estate Investors Acquires Three Properties within Denver Office Park
July 30, 2007 (Des Moines, Iowa) – Principal Real Estate Investors, the fourth largest manager of real estate assets in the U.S. based on tax-exempt assets under management1, announced today that they have acquired three office buildings within the Denver Tech Center (DTC), a premier suburban office park.
The three buildings, One DTC, Crescent V and Crescent VI, are located off Belleview Avenue. The properties have excellent access to I-25 via Belleview and I-225 via DTC Boulevard.
Built in 1985, One DTC is a 15 story, 232,946 square foot building, including a four-level parking structure with over 600 spaces. It boasts a granite façade, two-story atrium lobby and a unique design that includes eight corner offices on each floor. One DTC is considered one of the top office buildings in the Southeast Denver submarket.
Crescent V is a four story, 89,895 square foot, Class A building with 38 covered executive parking spaces and 340 surface parking spaces. The structure, built in 2000, enjoys large floor plates, a lobby with high-end finishes and mountain views.
Crescent VI, a six story, 134,113 square foot, Class A building features 47 covered parking spaces along with 494 surface spaces. Built in 1998, the property’s attributes include a clock tower and a vertical bank of windows spanning the height of the building.
"We are very excited to expand our Denver office portfolio with these three high-quality assets," said Morgan Deal, senior acquisitions manager for Principal Real Estate Investors. "The properties' high quality and location at Belleview and I-25 are irreplaceable."
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management and manages or subadvises $40.0 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $213.6 billion in assets primarily for retirement plans and other institutional clients.2
About the Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $270.1 billion in assets under management4 and serves some 17.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2006. “Real Estate Managers,” PENSIONS & INVESTMENTS, Oct. 16, 2006.
2 As of March 31, 2007. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors, Edge Asset Management, Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; and the majority owned affiliates of Principal International, Inc.
3 "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4 As of March 31, 2007
