Invesco Acquires Class A Denver Office Development
- Jun 23, 2016
Denver—East West Partners and Starwood Capital Group have sold the land for 16 Chestnut, which will be the home of a planned 250-foot-tall, 430,000-square-foot office building in Denver’s Union Station neighborhood, to Invesco Real Estate.
Invesco Real Estate also bought the construction rights and will ultimately own the 16 Chestnut building, while East West Partners will maintain its role as the developer of the project, which broke ground last week.
“It’s in Union Station—Denver’s hottest neighborhood; it’s 81 percent leased by a company that has made a long-term commitment to Denver and to Colorado; and it’s being developed by one of the master developers of the Union Station neighborhood itself, so you know it’s going to be amazing,” Chris Frampton, East West Partners’ managing partner, told Commercial Property Executive. “It wasn’t so much a ‘right time to sell’ as it was the right opportunity, for all parties.”
The building is one of the last to be built in the Union Station neighborhood, which has become the destination of choice for Fortune 500 companies in Denver. It is currently 81 percent leased to DaVita Healthcare Partners, which will occupy approximately 342,534 square feet and will have its own entrance and lobby. An additional 80,000 square feet of space is available to be leased, including a separate lobby and elevator bank for tenants.
The property is located on the rectangular parcel bounded by 16th Street/Millennium Bridge, Chestnut Place, and 17th Street and anchors the fourth and final corner of the Millennium Bridge. The site has incredible transit access, located adjacent to the South Bound Light Rail and just two blocks from the North Bound Light Rail to Denver International Airport. Additionally, the 16th Street Mall shuttles will run right through the building.
According to Frampton, East West Partners is devoted to building, selling, managing and supporting high-quality real estate.
“Selling 16 Chestnut while still maintaining our role as developer allows us bring our vision to the project to fruition—which is very important to us as master developers of the entire Union Station redevelopment—while working with a great partner in Invesco Real Estate,” he said. “Our primary goal is always to deliver a great project, and 16 Chestnut is no different.”
Rendering courtesy of Cushman & Wakefield