A subsidiary of Franklin Street Properties Corp. will acquire 1999 Broadway, a 43-story office building in Denver’s Central Business District. According to an SEC filing on April 3, 2013, Franklin will pay $183 million for the 680,277 square-foot property and a 9-story parking garage. The owners include Broadreach Capital Partners, Equity West Investment Partners and Pearlmark Real Estate Partners.
The office building is located at 1999 Broadway and the parking garage is located at 2099 Welton Street. The purchase of the Property is subject to customary conditions and termination rights for transactions of this type, including a due diligence inspection period for the buyer. Assuming that the buyer completes a satisfactory due diligence inspection of the property and certain other conditions are satisfied, the closing will take place on July 1, 2013.
1999 Broadway is a 544ft tall and was completed in 1985. The building was designed by Curtis W. Fentress, FAIA, RIBA of Fentress Architects and is the 5th tallest in Denver. The tower has a unique shape, it is shaped like a triangle with a scoop in the side. This is caused by the desire to retain the historical Holy Ghost Catholic Church at the base.
Photo credit David Shankbone