Franklin Street Agrees to Pay $183M for Denver’s Fifth Tallest Building

A subsidiary of Boston-based Franklin Street Properties Corp. has agreed to acquire 1999 Broadway, a 43-story, 680,277 rentable square foot multi-tenant office building in Denver’s Central Business District, for $183 million.

The transaction includes the building’s 9-story parking garage at 2099 Welton Street.

Assuming Franklin Street completes its due diligence inspection of the building and certain other conditions are satisfied, the closing is schedule to occur on July 1, 2013. Franklin St also has the right to accelerate the closing by providing seven business days’ advance notice.

The building was designed by Curtis W. Fentress, FAIA, RIBA of Fentress Architects and is the 5th tallest building in Denver, according to Wikipedia. It is currently owned by Broadreach Capital Partners, Equity West Investment Partners and Pearlmark Real Estate Partners, according to the building’s website.

2099 Welton Street Denver

Photo: Google Maps

1999 Broadway is between 19th and 20th streets, directly adjacent to a RTD light rail station, which connects with the 16th street mall shuttle and the new southwest metro rail line, according to LoopNet. It is accessible to Interstate 25 using connecting arteries including Park Avenue Viaduct, 20th Street, Speer Boulevard or Broadway/Lincoln.

Property marketing materials for the building say its triangular configuration takes advantage of western views, and that the building offers more glass-line per floor than competing properties.

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