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Investment JV Acquires Denver Trade Center Towers for $116M

DENVER-Transwestern Investment Co. LLC and Broadreach Capital Partners are buying the two World Trade Center towers from Brookfield Properties for $116 million. Together, the towers comprise nearly 767,000 sf.

By John Rebchook | Updated on February 22, 2006

DENVER-Transwestern Investment Co. LLC, in a joint venture with Broadreach Capital Partners, is paying $116 million for the two World Trade Center towers in Downtown. Combined, the towers at 1625 and 1675 Broadway have nearly 767,000 sf. The seller was Brookfield Properties, which now only has one large asset in Denver, the 56-story Republic Plaza.

“I think for Brookfield, they had a non-core property that they wanted to sell,” Mike Winn with Cushman & Wakefield tells GlobeSt.com. Winn, along with fellow broker Tim Richey, represented Brookfield in the transaction. “And for the buyers, it was a chance to control a major CBD asset at a discount price.” Transwestern and Broadreach are paying about $151 per sf. The replacement cost, Winn notes, would likely be $250 or more per sf.

Last year, a joint venture comprising Transwestern, Broadreach and locally based Equity West Investment Partners paid $77.65 million for the 43-story 1999 Broadway building. “Certainly, with 1999 Broadway and now the World Trade Center, they have some critical mass Downtown,” Brad Neiman of Northstar Commercial Partners, which buys and sells commercial real estate on behalf and with private investors, tells GlobeSt.com. Neiman has been tracking the metro-area commercial real estate market for more than two decades.

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