JV Buys 43-Story 1999 Broadway Building for $78M

DENVER-Broadreach Capital Partners, LLC and Transwestern Investment Co., LLC, in a joint venture with local investor Equity West Investment Partners, LLC, recently paid $77.65 million for the 642,000-sf, 43-story class A, 1999 Broadway building. The seller was Boston-based Winthrop Financial Associates.

“We are pleased to have acquired such high-quality class A office space in a recovering market like Downtown Denver where absorption has increased and vacancies have fallen meaningfully in the last 12 months,” says Nick Lyle, Broadreach Capital Partners director responsible for investment activity in Denver. “As the Downtown submarket continues to improve, we feel there is a great deal of upside as we lease-up the building over the next several quarters.”

“1999 Broadway has tremendous potential for value creation and is an exciting addition to our portfolio in the Denver metro area,” adds Matthew Haley, managing director of Transwestern Investment Co. “We plan on improving 1999 Broadway’s existing appeal to the market with a significant capital plan and improvements to the operations.”