CBRE Global Investors Grabs Multi-Tenant Office Building in Denver
- Jan 30, 2015
On behalf of an unidentified separate account client, CBRE Global Investors has acquired 700 Broadway, a 427,757-square-foot multi-tenant office building in Denver, CBRE announced Thursday. The transaction’s value was not disclosed.
The 13-story building is currently 100 percent leased to six tenants, the primary one of which sold the building under a leaseback arrangement. CBRE declined to identify the seller/tenant, but various online sources indicate that the building’s main occupant is Anthem Inc., the largest for-profit managed healthcare company in the Blue Cross–Blue Shield constellation and known until last month as WellPoint Inc.
The seller, according to CBRE, will occupy 85 percent of the building on a long-term basis.
700 Broadway is in the South Broadway corridor of the Capitol Hill submarket, about midway between Downtown and Cherry Creek and with access to employment, transportation and retail.
The 1973-vintage glass-clad building will be undergoing cosmetic upgrades and renovations of common areas to Class A standards in anticipation of future vacancy, a CBRE spokesperson told Commercial Property Executive.
“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,” Gary Neumeier, senior managing director of CBRE Global Investors’ U.S. Managed Accounts Group, said in a release. “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.”