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Denver EOP Portfolio Set to Trade for $770M

DENVER-With Morgan Stanley's Special Situations Fund III, Chicago-based Callahan Capital Partners is acquiring the 2.8-million-sf, five-building portfolio for $275 per sf.

By Brian K. Miller | Updated on March 27, 2007

DENVER-The Blackstone Group is selling Equity Office Properties’ 2.8-million-sf Downtown office portfolio here for $770 million to a joint venture of Chicago-based Callahan Capital Partners and Morgan Stanley’s Special Situations Fund III. The deal is expected to close this week, with Morgan Stanley also providing 70% debt financing.

The portfolio includes Tabor Center, US Bank Tower, 1560 Broadway, 410 17th St. and Dominion Plaza. All but 1560 Broadway are located along 17th Street. The Tabor Center property includes land for an additional building for which the JV plans to break ground later this year.

The seller’s broker, CB Richard Ellis tells GlobeSt.com the pending transaction is the largest Denver has ever seen by a factor of three and will make Tim Callahan, the one-time president and CEO of Equity Office Properties, the largest landlord in the Downtown Denver. The sale is scheduled to close on Thursday, March 29.

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