Pearlmark Broadreach 1999 LLC has entered into a definitive agreement to sell a 43-story office building in the central business district of Denver, Colorado for $183 million. FSP 1999 Broadway LLC, a wholly-owned subsidiary of Franklin Street Properties, will take ownership of the property in a sale expected to close on July 1, according to SEC filings. A joint venture led by Broadreach Capital Partners and Transwestern previously acquired the property in November 2005.
The sale includes the 680,277-square foot office building at 1999 Broadway and a nine-story, 177,472-square foot garage at 2099 Welton Street. The property is currently 95% leased with major tenants including the Internal Revenue Service, Berry Petroleum Co. and Mercy Housing. Built in 1984 and 1985, the office tower is Energy Star rated and LEED Silver certified.
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