California Firm Acquires Civic Center Plaza
Rising Realty Partners and BentallGreenOak have acquired Civic Center Plaza for an undisclosed amount.
The 598,592 SF, 22-story office building at 1560 Broadway is adjacent to the Civic Center Station transit hub and is more than 97% leased to investment-grade and government tenants, including the Regional Transportation District, the state of Colorado, Sheridan Ross and a soon-to-open WeWork location.
“We see Denver as an ideal real estate market to invest in,” Rising co-founder and CEO Christopher Rising said. “It’s a strategic location for domestic and international business, popular with millennials and supportive of a growing economy with a rent-to-income ratio significantly lower than other major markets.”
The acquisition is the partnership’s first in Denver, and the first since Bentall Kennedy and GreenOak Real Estate merged in a $940M deal last year.
Rising manages more than 4M SF of office space in the Los Angeles area. Rising previously announced that it plans to acquire properties outside of California in other Western U.S. cities, including Portland, Seattle, Salt Lake City, Phoenix and Denver.