Union Investment Snaps Up $154M Denver Asset
- May 09, 2017
Union Investment has acquired The Triangle Building, a 226,000-square-foot Class A office building in Denver from a joint venture of Starwood Capital Group and East West Partners. The property sold for approximately $154 million.
“With regard to location, construction quality and tenant structure, The Triangle is pretty much a perfect fit with our criteria for an office investment in the U.S.,” Philip La Pierre, Union Investment’s head of investment management overseas, said in a prepared release. “Denver is now the 16th location where we have a presence in the U.S. market, and UniImmo: Global and UniImmo: Europa provide us with two strong vehicles for additional investment in the future.”
The 10-story building was constructed in 2015 and features a triangular shape that is unique in Denver’s Lower Downtown area. Its unique shape provides 20 percent more window offices than a traditional office building, allowing for more light throughout and expansive views of Denver’s lower downtown neighborhood.
It also has an underground parking garage with 225 spaces spread over two levels.
The building, which holds LEED Gold certification, was 98 percent leased at the time of the sale.
Tenants include Liberty Global and WeWork.
The Triangle Building is located directly opposite Union Station and its proximity to the 16th Street Mall shuttle allows employees to easily commute to and from the building.
“The Union Station development afforded Starwood Capital the opportunity to invest in the early stages of a citywide renaissance,” Dan Schwaegler, Starwood Capital Group’s senior vice president, said. “Since acquiring these land parcels during the financial crisis, Denver has flourished—thus enabling our investment thesis to play out as anticipated. At the same time, The Triangle—along with the other assets in this development—underscores Starwood Capital’s proven ability to deliver top-quality assets that are highly desirable to investors.”