DENVER BUSINESS JOURNAL — A portion of the 54-story 1801 California St. tower in downtown Denver has sold for $285 million, according to Denver County public records.
According to CBRE, it was a partial interest sale. The $285M is only about half of the building's value.
The buyer, called "Bit Investment Ninety LLC," is registered to an address in Baltimore, Maryland that PNC Funds is located at, according to filings with the SEC. PNC Funds is an investment firm.
New York-based Brookfield Property Properties Inc. (Nasdaq: BPY), a subsidiary of Toronto-based Brookfield Asset Management Inc., paid $215 million for 1801 in December 2011. It took over the master lease from CenturyLink Inc. (NYSE: CTL), which bought Qwest Communications International, in April 2012.
Brookfield refurbished the tower through late 2013, attracting new tenants. Tenants today include accounting firm BKD, Denver-based app maker Ibotta and Baltimore-based insurance and financial giant Transamerica Corp., to name a few. Transamerica in 2015 replaced CenturyLink's signage with its own.
CenturyLink Inc., which for years had its signage on the building, vacated its space in the tower in fall 2017. Medical-ratings company Healthgrades moved in to take up three of the empty floors.
Read more at the Denver Business Journal: https://bit.ly/2q0Xayq
