Artis Acquires Remaining Half Of Two Denver Office Buildings
Canada-based Artis Real Estate Investment Trust has acquired the remaining 50% ownership of two Class-A Denver office buildings.
The two buildings, which Artis now fully owns, include the 22-storey mid-rise building at 1700 Broadway in Denver’s business district. The property features 394K SF of leasable area and is 85.5% occupied. Artis, which bought half the property in 2013, acquired the rest of the building for $51M and will assume seller MDC Realty Advisors' mortgage of $43.9M.
The other property — the Hudson's Bay Centre at 1600 Stout St. — is a mid-rise office building with 178K SF of leasable area and is 81.2% occupied. Artis bought a 50% interest in Hudson’s Bay Center in 2014. The REIT will acquire the remaining portion for $19M and take on the seller's mortgage of $19.7M.
Artis, whose main office is in Winnipeg, has 24.8M SF of leasable area in both Canada and the U.S.
