Brookfield Office Acquires Share of Denver Skyscraper in $215 Million Deal
A group led by Brookfield Office Properties Inc. (BPO) bought Denver’s second-tallest building for $215 million, as it seeks to benefit from expiring leases.
Brookfield will own a 51 percent stake in 1801 California St., a 54-story 1.4 million-square-foot (130,000-square-meter) skyscraper, and manage the property on behalf of the investment group, the New York-based company said today in a statement distributed by Marketwire. The seller is PSEG Energy Holdings, Brookfield said.
“The Denver market has demonstrated strong fundamentals with positive absorption and job growth over the past 18 months,” Dennis Friedrich, Brookfield’s president and chief investment officer, said in the statement. The tower “fits our strategy of owning premier assets in the best-located areas within our operating markets.”
The company said it plans to make improvements to the building, formerly known as Qwest Tower. Leases on 80 percent its space expire by July. Tenants include CenturyLink Inc., Patton Boggs LLP and MWH Americas Inc., Brookfield said.
To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net
To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net
Rate this Page