Downtown Giant Sold
A Chicago real estate investment giant has sunk its teeth into LoDo.
LaSalle Investment Management recently purchased Millennium Financial Center, a 133k SF office building, 90% occupied, in the hot Downtown Denver market from Dividend Capital's Diversified Fund. The price was undisclosed.Ã It's no surprise people aren't talking--the building is anchored by lawyers from firm Davis Graham & Stubbs.
CBRE's Geoff Baukol, who à brokered the deal, tells us the sale demonstrates that Union Station is really one of the top locations in the country for institutional demand... and for good reason: "We have strong demographics, strong job growth. And capital recognizes all of that." Capital is very discerning (it's nearly impossible to set it up on a blind date).
Geoff is bringing two other LoDo assets to market: 1) 1705 17th St, Haselden Construction's under-development 109k SF office building that's pre-leased to IMA Financial Group for its HQ; and 2) 1755 Blake St, a 113k SF office building owned by Crow Holdings (purchased for more than $40M in 2011, according to reports). Geoff says property owners are bringing more properties out to market as capital floods Denver. "But it's still not outweighing the demand," he says. "There's a complete supply-demand imbalance."
