FSP Picks Up Denver Office Tower for $183M

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.

For more news and information visit Blumberg Capital Partners.

Granite Westchase I and II Sold for $154.75M

Franklin Street Properties Corp., a Wakefield, MA-based investment firm specializing in real estate, announced this week that it had acquired Westchase I and II in the Westchase submarket of Houston, TX for $154.75 million. Franklin purchased the properties from Granite Properties Inc., which was represented by Russell Ingram of CBRE in the transaction according to a CoStar report.

Located at 10370 and 10350 Richmond Avenue, the two 14-story office buildings total approximately 629,022 square feet of rentable space on roughly 6.5 acres of land. Set equally between the residential growth corridors of I-10 and US 59 along the Beltway, the buildings were completed in 1983 and 2008, with Granite Westchase II designed by Kirksey. According to the Franklin press release the properties were approximately 95% leased at the time of sale.

For more news and information visit Blumberg Capital Partners.

Groupon Expands in Chicago With New Lease

Groupon, the online daily deal coupon website, is expanding its space in Chicago with a new lease at 303 E. Wacker Drive in Chicago's East Loop according to a CoStar report. Groupon currently occupies 46,115 square feet in the office tower but will now take on 196,189 square feet total. Groupon will pay the building owners, Franklin Street Properties Corp., $441,425 per month until its lease expires on May 31, 2012, according to a filing with the U.S. Securities and Exchange Commission.

Groupon plans to take three new spaces, including one on the first level of the complex's northern portion beneath the condominiums at 900 N. Kingsbury St., as well as on the third and seventh floors of 600 W. Chicago, to accommodate new growth. The spaces are expected to be ready in the next few months.

The company recently moved its 200-plus editorial team to a temporary location while awaiting completion of the expansion space at 600 W. Chicago. "Our intention is to move everybody back (to 600 W. Chicago)," a Groupon spokesman said. "It's definitely our preference that we'll all be in the same building."

For more news and information visit Blumberg Capital Partners.