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Hines Buys Denver Tower for South Korean Investor for $194M
U.S. Bank Tower, a 26-story office tower in downtown Denver was acquired by Houston-based Hines for $194.23 million. The purchase was made on behalf of an affiliate of Samsung SRA Asset Management, a South Korean investor.
Canadian investor Ivanhoé Cambridge held the granite-clad LEED Gold Class A asset at 950 17th St. in partnership with the State of Wisconsin Investment Board. Built in 1974 and renovated in 2008, the 531,608-square-foot building is 88% occupied. Ivanhoé Cambridge bought the property for $139.7 million in 2007.
CBRE’s Mike Winn, Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton had the sales listing.
The SOM-designed high-rise tower offers upside potential. CBRE notes that’s because the asset has below-market rents, nearly 50% rollover over the next four years, and new ownership could realize increased rents through a strategic repositioning and renovation program.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
