The Sherman Center at 789 Sherman St. was recently acquired by Denver’s Centre Point Properties. (Photo provided by Centre Point)
of Denver has acquired the Sherman Center office building in Capitol Hill for $9.95 million, or about $98 per square foot, the commercial real estate firm announced Thursday.
The new owners of the 100,774-square-foot Class B office building, located at 789 Sherman St., plan to renovate common areas and implement an aggressive leasing strategy, rent increases to market rates and a new signage program, they said. According to Centre Point, the property is currently 61 percent leased at rents about 27 percent below market. Surrounding market vacancy is 4 percent.
“Historically, Capitol Hill has been one of the strongest submarkets in Denver Metro Area, offering a value alternative to neighboring (Central Business District) and Cherry Creek,” Centre Pointap Alan Bruno said in a statement.
