May 9, 2017
German investor Union Investment acquired the 10-story Triangle Building in Denver from an affiliate of Starwood Capital Group and East West Partners for $154 million. The 226,000-square-foot office building includes 10,000 square feet of ground-level retail, and was delivered in 2015 by East West.
The 98%-occupied property is located in Lower Downtown at 1550 Wewatta St., within the resurgent Union Station neighborhood. Building tenants include Liberty Global and WeWork, which lease roughly 70% of the available space.
The buyer notes the asset quality and location aligns with its global portfolio and investment strategy. The property will be added to its Unilmmo: Global portfolio fund.
The Starwood Capital-East West team acquired the site early in the cycle, and now that a citywide renaissance is underway, that investment-development strategy proved well timed.
For comments, questions or concerns, please contact Dennis Kaiser