Shorenstein Properties Ends Hold on 1M-SF Denver City Center

Shorenstein Properties LLC ended its six-year hold on the Denver City Center, an office project in Denver. The two-building, 1.3-million-square-foot campus on 17th Street sold to BPREP 717 17th Street LLC, traced to Brookfield Properties, for an undisclosed amount. The Hilton Denver City Center hotel, which occupies 20 floors in the center, was not part of the sale.

Shorenstein acquired the property in 2013 for $286 million, with plans to expand on-site amenities, update common areas and improve marketability of vacant suites. At the time of Shorenstein’s acquisition, the property was 72% leased. During its hold, the San Francisco company increased occupancy to 94%.

“The 1.28 million-sq.-ft. complex encompasses an entire city block and represents downtown Denver’s largest single office transaction in over a decade,” Jenny Knowlton with CBRE. Knowlton teamed with colleagues Charley Will and Chad Flynn to represent the seller.

Pictured: Downtown Denver

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