Tributary Real Estate Launches Investment Arm, Eyes Denver’s Distressed Office Market

Tributary Real Estate launched a new investment division, positioning itself as an early mover among Denver-area firms targeting the metro’s distressed commercial assets.

The Denver brokerage announced the formation of Tributary Real Estate Investments, led by Brian Craig and Billy Woodward. Both join as vice presidents of investments, bringing veteran backgrounds in asset management, capital markets and underwriting, Tributary said in a press release. 

TRE Investments will focus on mixed-use and office investments.

“Denver’s office market is at a pivotal moment, as discounted pricing on commercial assets continues to create an attractive ecosystem for disruptors and new investors,” Andy Cullen, Tributary managing broker and partner, said in the release.

The move comes as local and national players ramp up investment in distressed assets. Louisville-based Real Capital Solutions closed out 2024 with major office acquisitions in Denver, Dallas, and Washington, D.C., aiming to deploy $1B into distressed real estate in 2025. RCS’s purchase of Belleview Tower in the Denver Tech Center at half its previous sale price shows the growing appeal of discounted office properties.

Tributary’s entry into the space signals a broader shift for the firm, which has primarily been known for its tenant-focused brokerage services. TRE Investments will act as both a sponsor and partner on acquisitions, it said, with a long view.

“We see opportunity where others may not,” Woodward said in the release, adding that the firm will treat investors as partners rather than just clients.

Tributary recently brokered the $23M acquisition of 374K SF office properties Centerpoint I and II in Denver by Tuff Shed CEO Tom Saurey.

Craig said Denver’s office market remains full of opportunity, with “historically low values” and potential for repositioning assets for long-term success.