Shorenstein Properties entered the Denver market with its acquisition of the Denver City Center this month for $286 million, according to a person familiar with the price. Crescent Real Estate, doing business as MS Crescent Two SPV, bought the two-building Denver City Center, which includes Johns Manville Plaza, in 2007, when the Fort Worth, Texas-based company paid $155.3 million for 717 17th (Johns Manville Plaza) and $126.7 million for 707 17th, Denver Assessor records show.
"Denver City Center's rich amenities, access to public transit and excellent location make it an appealing corporate address for a broad range of tenants doing business in Denver and we only look to enhance its appeal through our management and operational expertise," said Douglas Shorenstein, Chairman and CEO, Shorenstein Properties, in a statement.
The purchase includes the office portion (floors 21 through 42) of 707 17th Street, a 42-story LEED Silver-certified Class A office building, and Johns Manville Plaza, an adjacent 29-story LEED Gold certified office building located at 717 17th Street; also included in the purchase is parking for 589 vehicles. The two adjacent office buildings encompass 1.3 million square feet located on 17th Street in the heart of downtown Denver. The buildings are currently home to 40 companies including the world headquarters of Johns Manville, a leading manufacturer of building products and part of the Berkshire Hathaway group of companies.
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