Company Plans to Invest in Significant Capital Improvements to Reposition the Property
Newport Beach, Calif. and Denver (January 18, 2017) – Buchanan Street Partners announces the acquisition of 5613 DTC, a 224,015-square-foot, transit-oriented office tower located at 5613 DTC Parkway in Denver. Buchanan Street purchased the building from SteelWave, LLC with plans to complete extensive improvements that will attract and retain tenants seeking a first class office environment in one of Denver’s premier office submarket.
“This is an attractive investment for us because of the building’s strong in-place tenancy, excellent location, attractive view corridors, and value-add potential,” said Chris Herthel, Senior Vice President at Buchanan Street Partners. “5613 DTC is an amenity-rich property that is well-positioned to benefit from a comprehensive rebranding and capital improvements plan.”
Buchanan Street plans to invest significant capital in tenant spaces, common areas and building systems. Additionally, the company will look to strategically improve the tower’s fitness center, lobby and elevators, cafe, conference center, parking deck, and outdoor patios. The building is currently 80 percent occupied with available suites ranging from 2,000 square feet to 17,000 square feet.
The 12‑story tower is situated in a highly prominent location adjacent to the I-25 freeway and within walking distance to the Orchard Light Rail Station. 5613 DTC is within the Denver Technological Center (DTC) in Denver’s Southeast office submarket, the largest submarket in the Denver metro. Denver’s Southeast region consists of 34 million square feet of office space and is home to many Fortune 500 companies that are attracted to its proximity to executive and employee housing, a strong retail amenity base and accessibility via multiple transit options.
“The property amenities provide an intrinsic value to tenants that should further appreciate as future developments in the area and access to labor pools become key decision factors for companies,” said Herthel. “We anticipate the repositioning of 5613 DTC will elevate the building’s profile above its current peers and be an attractive option for Class A office users.”
Tim Richey, Mike Winn and Chad Flynn of CBRE represented the seller in this transaction. Buchanan Street represented itself. Terms of the deal were not disclosed.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California, that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. The Buchanan Street team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.www.buchananstreet.com.
ABOUT STEELWAVE, LLC
SteelWave is a full-service commercial, residential and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 45 years. We’ve built a reputation for successful execution by sourcing sound investments in our 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas. As a vertically integrated leader in the industry, we source, entitle, design, finance, develop, renovate, lease, manage and sell real estate investments on behalf of many well-known institutional clients. In 2015, SteelWave formed a strategic alliance with The Cavallari Group to procure and execute on certain aspects of multi-family and mixed use development and acquisition opportunities. For more, visit: www.steelwavellc.com.
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