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Investcorp Snaps Up Second Denver Office Property

Investcorp Snaps Up Second Denver Office Property

Bahrain-based Investcorp and Seattle-based Schnitzer West have acquired Centerpoint I and II in Denver, office properties that total 372k SF. The buildings, which date from the early 1980s, are at 3900 East Mexico Ave and 1777 South Harrison St, respectively.

The seller was Seattle-based Unico Properties. This is Investcorp's second big play in metro Denver in less than a month, this time paying $61.7M for the office towers, reports the Denver Business Journal. Last month, Investcorp and Houston-based Griffin Partners bought a 10-building flex office portfolio from Hines for $78.5M. Centerpoint I is 87% occupied and Centerpoint II is 88% occupied, according to Schnitzer West. [DBJ]