Shorenstein Properties LLC has sold Denver City Center in downtown Denver to an institutional investor for $400 million in one of the largest single-asset sales in Denver history.
A fund managed by Brookfield Properties was the buyer.
Denver City Center consists of adjacent 42- and 29-story office buildings at 707 and 717 17th St. It comprises approximately 1.28 million square feet. The Hilton Denver City Center hotel, which occupies 20 floors at 707 17th, was not part of the sale.
Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn of CBRE represented Shorenstein in the transaction.
Shorenstein Properties acquired Denver City Center out of its Tenth Fund for $286 million in 2013.
“Over the past several years, we have dramatically enhanced the tenant experience at Denver City Center, resulting in strong leasing activity and increased occupancy,” John Boynton, Shorenstein senior vice president, said in a press release. “Shorenstein is proud to have positioned the property for future success and is confident that it will continue to fulfill tenant demand under new ownership.”