Denver-based developer East West Partners and a controlled affiliate of Starwood Capital Group announced the sale of an office project in Denver's Union Station neighborhood to Invesco Real Estate. According to a Denver Post article, East West Partners will stay on in its role as developer of the $190 million project, and Invesco ultimately will own the completed office tower, which broke ground last week. Terms of the deal and representation were not disclosed, but records show that Invesco paid $18 million.
"This is a unique opportunity for all of the parties involved," said Chris Frampton, Managing Partner of East West Partners. "The building is 81% leased to DaVita Healthcare Partners, which has an incomparable commitment to the city of Denver, and East West Partners will still be able to bring its vision for this building to fruition. It has been an amazing opportunity to work with Starwood Capital on 16 Chestnut and we look forward to working with Invesco Real Estate."
"We have great faith that Invesco and East West Partners will deliver an amazing project at 16 Chestnut," added Dan Schwaegler, Senior Vice President in the Asset Management Group at Starwood Capital Group. "Starwood Capital will continue to invest in Denver and the Union Station neighborhood through our involvement in the Triangle Building, as well as various other assets in the area, and we look forward to watching the city's continued emergence as one of the most dynamic metropolitan areas in the United States."
16 Chestnut will be a 19 story building with above grade parking incorporated into the structure, anchoring the fourth and final corner of the Millennium Bridge. The architect for the project is Gensler, while BuildMark will provide construction management services and Saunders Construction will serve as general contractor.
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