Denver Investment Market Has Matured

DENVER-Denver’s office investment market in 2013 is increasingly strong, with 3.4 million square feet valued at $641.1 million trading hands in the second quarter alone, according to recent numbers from Newmark Grubb Knight Frank. Year-to-date, 5 million square feet traded, valued at just under $900 million.

The investment market is poised to well exceed 2012′s total of 10 million square feet sold, valued at $1.6 billion, says the firm. In the recent quarter’s largest sale, Franklin Street Properties purchased 1999 Broadway from a joint venture of Broadreach Capital Partners, Equity West Investment Partners and Pearlmark Real Estate Partners. The 680,000-square-foot, 43-story office building sold for $183 million, or $269 per square foot.