City Office REIT plans to pay $35 million for a Denver Tech Center office building, marking the Vancouver, B.C.-based real estate investment firm’s fifth property acquisition in the Denver metro region in 18 months.
(NYSE: CIO), entered into an agreement to buy the DTC Crossroads building, 7595 E. Technology Way, for $35 million. The 191,402-square-foot office building is 91 percent leased and has tenants that include Quiznos, which bases its corporate office there, Microsoft and ProBuild.
The transaction is expected to close in July.
City Office REIT’s Denver-area holdings include a three-building office complex in Cherry Creek; Plaza 25, a three-building office property in Greenwood Village; and Logan Tower in downtown Denver.
In April, City Office REIT officials said they planned to buy the Superior Pointe office building in Superior for $25.8 million.
“Securing a high quality asset in the DTC, which has a very deep corporate tenant base, was strategic to achieve exposure in each of Denver’s leading submarkets,” James Farrar, City Office REIT’s chief executive officer, said in a statement. “We believe that developing this market scale will result in operating efficiencies and is a great case study for how we intend to replicate our growth in other target markets.”
Including acquisitions that have yet to close, City Office REIT will own office properties totaling 2.7 million square feet in markets across the United States.
Alicia Wallace: 303-954-1939, awallace@denverpost.com
