22-story downtown office tower sells for $233M

This article first appeared on BusinessDen.com, a BizWest news partner.

A 22-story office tower in downtown Denver has changed hands for $233 million in the second sale since it was completed in 2016.

An entity affiliated with PGIM Real Estate purchased the 1401 Lawrence St. building last week, according to public records.

The structure is 309,987 square feet, making the deal worth about $752 a square foot. CBRE brokers Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Alex Mulvihill represented the seller.

The seller was an affiliate of Chicago-based Heitman, which purchased the building in late 2017. That transaction was structured in such a way that the sale price was never disclosed, although the Colorado Real Estate Journal reported at the time that Heitman paid about $720 a square foot.

The building was originally developed by Toronto-based developer First Gulf, and is topped with signage for law firm anchor tenant Polsinelli. Other tenants include real estate firm Cushman & Wakefield, law firm King & Spalding, coworking company Firmspace and software company Freshworks.

Buyer PGIM is also a partner in McWhinney’s 17-story apartment building going up by the 38th and Blake station in RiNo.

The sale of 1401 Lawrence is the second-priciest downtown so far this year in terms of dollar amount. The No. 1 spot is held by the January sale of the 22-story 1800 Larimer St. building for $291 million to Boston-based Beacon Capital Partners.