Phoenix & Southwest + Southwest + Office | January 9, 2019

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.

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.