DENVER-Mesa West Capital has provided $70 million in first mortgage financing for the recapitalization of 1999 Broadway, a 680,000-square-foot class A office tower in downtown Denver. Funds sponsored by Broadreach Capital Partners and Transwestern Investment Co. in joint venture with local investor and operator Equity West Investment Partners acquired the building in 2005 and subsequently repositioned the asset with substantial lobby and common area upgrades, according to a prepared statement.
Eastdil Secured arranged the financing. Located in Denver’s CBD, the property features a reflective green glass structure and is the last high rise to have been built in the central business district.
At 43 stories it is one of the tallest and most architecturally prominent buildings on the Denver skyline, according to the release. Parking is serviced by 55 underground stalls and a nine-story garage. The building is currently 85% leased and is positioned to take advantage of an improving office market and economy in Denver, according to Mesa West principal Ronnie Gul, who originated the financing.
“Ownership has done a nice job with the building in a difficult market including the implementation of a number of Green design and operational programs to achieve LEED Silver certification by the US Green Building Council,” says Gul. “We like Denver,” he adds.
“The city has experienced positive absorption for four consecutive quarters and local economists are predicting that Denver will see as much as 15,000 new jobs by the end of 2011,” Gul adds. And according to a Q4 report from Grubb & Ellis, there continued to be signs of economic recovery, though two feet forward, one foot back was the rule.
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