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Nuveen Real Estate has broken into the Denver market with the $110.9M purchase of the Colorado Bank Building at Broadway and 16th Street adjacent to the recently redeveloped Civic Center Station, which provides extensive bus routes throughout the city.
The 445,595 SF building, which is 93% leased, is within walking distance to the 16th Street Mall, Denver Pavilions and numerous retailers, restaurants and bars. Amenities in the building include a newly renovated conference room and fitness center. It also provides more than 320 parking spaces and a new valet program.
“Denver is a target market for Nuveen Real Estate due to its strong demographics, skilled workforce and diversified economy and is well-positioned to lead the nation in economic growth in the long term,” Nuveen Senior Director Andrew Pyke said in a statement. “The Uptown office market currently represents an attractive relative value for tenants to midtown and LoDo, and we believe there will be a continued resurgence in the area as additional multifamily and retail is added to the already robust 16th Street Mall and Denver Pavilions area.”
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