May 9, 2017 Comments Off on German Investor Acquires Denver Asset for $154M Views: 503 Colorado, National News, Southwest

German Investor Acquires Denver Asset for $154M

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.

Read more at PR Newswire

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