Brookfield Office Properties Acquires 1801 California Street for $215 Million
- Dec 15, 2011
Brookfield Office Properties Inc. acquired, as part of an investment consortium, the second tallest office tower in Denver. Located in the city’s central business district, 1801 California Street was bought for $215 million from PSEG Energy Holdings. Brookfield Office Properties’ economic interest in the asset is approximately $110 million, comprising 51 percent, and it will manage the property on behalf of the investment group.
The Denver Business Journal reports the seller was represented by Cushman & Wakefield of Colorado Inc.’s vice chairmen Tim Richey and Mike Winn, with Nick Pavlakovich.
The 54-story Class A office building has 1.4 million rentable square feet and over 1,500 parking spaces. The building is 100 percent leased, with 80 percent of existing leases due to expire by July 2012. The main tenants include CenturyLink/Qwest, Patton Boggs and MWH Americas Inc.
Brookfield plans on making capital improvements to the tower and director of investor relations and communications, Mathew Cherry, said the company will take advantage of the large lease roll which is coming off next year to reposition the asset.
Brookfield Office Properties owns, manages and develops premier office properties in North America and Australia. The company portfolio is comprised of interests in 111 properties, totaling 77 million square feet. In addition to the two tallest office towers in Denver (Brookfield also owns the 56-story Republic Plaza at 370 17th St.), other landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth.