A 50/50 partnership between MDC Realty Advisors USA, Inc. and Artis REIT has paid $49 million for 1700 Broadway, a 22-story, 394,151-square-foot office building in Denver’s central business district.
HFF worked on behalf of the buyer, Artis HRA 1700 Broadway, LP, to secure the 10-year, 3.11 percent, fixed-rate loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property in a sale brokered by HFF’s Mary Sullivan and John Jugl.
1700 Broadway is located on the western edge of the Uptown submarket in Denver’s central Business District. The property is one of Denver’s original skyscrapers; completed in 1956 and designed by world-renowned architect I.M. Pei. Building amenities include a 12-level covered parking garage, a Starbucks and a copy center. Additionally, an iconic 150-foot atrium is situated adjacent the property, which includes a sundry shop, food court and a covered outdoor dining facility, which is not part of the collateral. The property is 96.5 percent leased to 24 tenants of which Whiting Oil and Gas Corporation is the largest, occupying nearly 173,000 square feet.
The HFF team representing the borrower was led by director Josh Simon and senior managing director Eric Tupler.
“This transaction is a great example of the importance of having an integrated capital markets effort to benefit and ensure a successful execution,” said HFF senior managing director Mary Sullivan, who represented the seller.
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