Northstar Commercial Partners, a Colorado-based commercial real estate company, recently purchased the iconic ‘Offices at the Art’ building in the state’s capital city, Denver. The transaction of the 50,752-square-foot Class AA office property closed for a price tag of $17.1 million.
The acquisition was made public last week and marks the firm’s commitment to consolidating its presence on the local market. “This will be one of the top acquisitions in the Denver market for newer office space and we’re thrilled to be involved, especially with Denver as our hometown,” Brian Watson, chairman & CEO of Northstar, said in a statement.
The newly purchased building comes along with long-term single-tenant Four Winds Interactive, an industry leader for enterprise communications software. The company, which showed rapid growth, has won several awards and mentions. It was included on Forbes’ list of America’s Most Promising Companies in 2015 and was featured in Colorado Biz’s Top 100 Digital Employers in Colorado ranking. All these aspects were strong selling points for the commercial real estate firm in its decision to buy the ‘Offices at the Art‘ building.
“We are drawn to the iconic nature of this beautiful building in the Denver Art Museum Complex, its attractiveness as a fully-leased asset for a longer-term hold, and we see additional positive opportunity being the ones to own it locally,” Watson added.
The ‘Offices at the Art‘ building is one of the newer Class AA office spaces in Denver. Built in 2014, it is renowned for its architectural design, boasting commanding floor-to-ceiling windows. The building is located at 1221 Broadway, providing easy access to Broadway, Speer Boulevard, Interstate 25, Cherry Creek, Capitol Hill, and Downtown Denver.
Northstar Commercial Partners, the building’s brand-new owner, was founded by Watson 18 years ago. The company’s focus is on buying vacant or distressed assets and giving them new life. At the same time, it oversees key development projects, such as senior living, healthcare, and large data center facilities for a Fortune 25 company. Northstar’s portfolio currently includes 48 assets in 16 states, totaling approximately 8 million square feet.