One of the world’s largest real estate investment managers has acquired its first downtown Denver office asset for $110.9 million, or $249.44 per square foot, according to Denver County records.
Nuveen Real Estate bought the Colorado State Bank Building at 1600 Broadway from an affiliate of LBA Realty. The 444,595-sf building sits at the upper end of the 16th Street Mall and is anchored by Colorado State Bank and Trust.
“Denver is a target market for Nuveen Real Estate due to its strong demographics, skilled workforce and diversified economy and is well positioned to lead the nation in economic growth in the long term,” said Andrew Pyke, senior director at Nuveen Real Estate.
CBRE’s Capital Markets team of Tim Richey, Mike Winn, Chad Flynn, Jenny Knowlton and Charley Will were the listing brokers.