DENVER—CBRE Global Investors has acquired 700 Broadway, a in Denver, on behalf of a separate account client. 700 Broadway is fully-leased to six tenants.
700 Broadway is located within the South Broadway corridor of the Capitol Hill submarket, which provides a convenient midpoint between Downtown and Cherry Creek and excellent access to employment, transportation and retail.
The team plans to reposition the asset through cosmetic upgrades and renovations of common areas to help lease up anticipated future vacancy. The anchor tenant has recently invested substantial capital into the building and executed a long-term sale-leaseback for the majority of the building.
CBRE says Denver's office market experienced steady growth in Q1 2014, driven by employment and population growth and strong market fundamentals.
“There has been demand from both small and large corporate users for quality space, and we think the South Broadway area will continue to attract both types of tenants looking for quality space in a transit-oriented area,” said Gary Neumeier, senior managing director. “We are pleased to be able to acquire this high-quality, stabilized core-plus property in this market that offers a secure income stream with upside potential that is consistent with our client's targeted return criteria.”
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