By Doug Chartier
LAW WEEK COLORADO
A purchase and sale that didn’t seem so complicated on paper would soon involve a lot of it.
In a project with an estimated aggregate value of $90,000,000 between seller and buyer, Sweetbaum Sands Anderson represented Ogilvie Properties as it subdivided a parcel of its Cherry Creek property and sold it to Denver real estate company Trammell Crow Residential. The buyer and seller agreed to have a shared parking garage built beneath their respective properties, creating a challenging but gratifying project for the attorneys involved, including Sweetbaum Sands shareholder Carolyn Abrahams.
Ogilvie originally purchased the former Key Bank Building on 3300 E. 1st Ave. in Denver in a $14 million transaction in 2013, according to the Colorado Real Estate Journal. Ogilvie has since been renovating the building and was figuring out what to do an excess parcel behind the building, which had an outdated one-story parking deck.
TCR expressed interest in building an eight-story apartment property on that back parcel, and to replace the parking area lost from removing the parking deck, the buyer and seller came up with the idea to build a shared underground parking garage for both the new apartment building and Ogilvie’s existing office property. “Not all that exotic” so far, according to Abrahams, but that’s where the simplicity of the project ended.