A 19-story downtown office tower to be anchored by has traded hands mere days after the start of construction.
Invesco Real Estate purchased the land, as well as the construction rights, for 16 Chestnut, a 430,000-square-foot office building at the corner of Chestnut Place and 16th Street near Denver Union Station, Starwood Capital Group and Denver-based East West Partners announced Monday. The terms of the deal were not disclosed.
East West will stay on in its role as developer of the $190 million project, and Invesco ultimately will own the completed office tower. Construction began last week.
DaVita, a Fortune 500 health care company, announced in October it would expand its downtown Denver presence and add more than 800 jobs to its 1,000-person Denver workforce over the next 10 years.
At 16 Chestnut, across the street from the kidney-care giant’s global headquarters, DaVita will occupy about 342,534 square feet and have its own entrance and lobby. An additional 80,000 square feet of space is available for lease.
“This is a unique opportunity for all of the parties involved,” East West managing partner Chris Frampton said in a statement. “The building is 81 percent leased to DaVita Healthcare Partners, which has an incomparable commitment to the city of Denver, and East West Partners will still be able to bring its vision for this building to fruition. It has been an amazing opportunity to work with Starwood Capital on 16 Chestnut, and we look forward to working with Invesco Real Estate.”
