London investor scoops up downtown Denver building for $110.9 million

Denver's Colorado State Bank and Trust building has sold for $110.9 million, according to public records. Located at 1600 Broadway, the 26-story, 445,595-square-foot office building and last sold in 2005 for $45 million. It underwent renovations to its exterior and lobby in 2013. More recent renovations have been made to the building's conference and fitness centers. The property was listed in October by the CBRE team of Mike Winn, Tim Richey, Chad Flynn, Jenny Knowlton and Charley Will. It sold from Irvine, California-based LBA Realty to London-based Nuveen Real Estate, formerly TH Real Estate. Nuveen Real Estate is a part of Nuveen, which is under New York-based investor TIAA. The sale closed Jan. 10, according to Denver County public records. This is Nuveen Real Estate's first property in the Denver Central Business District office equity market. “Denver is a target market for Nuveen Real Estate due to its strong demographics, skilled workforce, and diversified economy and is well positioned to lead the nation in economic growth in the long term,” Andrew Pyke, senior director at Nuveen Real Estate, said in an emailed statement. “The Uptown office market currently represents an attractive relative value for tenants to midtown and LoDo, and we believe there will be a continued resurgence in area as additional multifamily and retail is added to the already robust 16th Street Mall and Denver Pavilions area.” Anchored by Colorado State Bank and Trust, the building's other tenants include Mercy Housing, XPO Logistics, E&P Beacon Co. and Parsons Brinckerhoff. Nuveen reports that the building is 93 percent leased. (Denver Business Journal)