Franklin Street Agrees to Pay $217M for 20-Story Office Building in Denver

A subsidiary of Boston-based Franklin Street Properties Corp. has agreed to acquire the 20-story office building and a retail plaza at 1001 17th Street in Denver, CO for $217 million.

The seller is MG-1005, LLC. The seller’s broker was Cushman & Wakefield.

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At the time this story was posted, the property was still listed on the site of Miller Global Properties, a Denver-based investor in value added/opportunistic real estate assets. Typical strategies used by Miller Global in managing investment vehicles includes market repositioning, property level leverage and joint ventures.

The property has 655,565 rentable square feet of space and is located in the financial district of Denver’s central business district. Assuming there’s a satisfactory due diligence inspection, the closing of the purchase will take place on August 28, 2013.