{"id":1004564530,"date":"2022-01-24T05:43:20","date_gmt":"2022-01-24T13:43:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004564530"},"modified":"2022-12-08T11:12:37","modified_gmt":"2022-12-08T19:12:37","slug":"beacon-buys-denver-office-tower-for-291m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/","title":{"rendered":"Beacon Capital Buys Denver Office Tower for $291M"},"content":{"rendered":"<div id=\"attachment_1004564531\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004564531\" data-attachment-id=\"1004564531\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/beaconsnip-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg\" data-orig-size=\"530,398\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Therese Fitzgerald-Biskup&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1643013168&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Beaconsnip (2)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1800 Latimer St. in Denver. Image courtesy of Invesco Advisors&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg?w=530\" class=\"size-medium wp-image-1004564531\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg 530w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004564531\" class=\"wp-caption-text\">1800 Latimer St. in Denver. Image courtesy of Beacon Capital Partners<\/p><\/div>\n<p>An entity affiliated with <strong>Invesco Advisors Inc.<\/strong> has sold the 22-story Class A office tower at 1800 Larimer St. in downtown Denver to an affiliate of Boston-based <strong>Beacon Capital Partners<\/strong> for $291 million, the Denver Business Journal reported Friday.<\/p>\n<p>The tower totals 490,500 rentable square feet and is certified LEED Platinum, according to information provided to <em>Commercial Property Executive<\/em> by CommercialEdge.<\/p>\n<p>Tenants include Xcel Energy, Citywide Banks and McKinsey &amp; Co.<\/p>\n<p>The building\u2019s amenities include a 17,000-square-foot outdoor terrace, a 3,000-square-foot fitness center, on-site cafe and bank, a hotel-style conference facility, and a common area boardroom, according to the building\u2019s website.<\/p>\n<p>Completed in 2009, the building was sold by the developer, <strong>Westfield Development Partners<\/strong>, in February 2011 to the Invesco-affiliated entity.<\/p>\n<p>The DBJ reported that when 1800 Larimer was completed, \u201cit was downtown Denver\u2019s first new office high-rise in 25 years.\u201d<\/p>\n<p>Beacon Capital Partners is a significant player in the Denver market, having purchased The Circa Building for $60 million in June 2021 and other assets in the past few years.<\/p>\n<h2>Mile-high vacancy<\/h2>\n<p>Uncertainty about the long-anticipated \u201creturn to the office\u201d lingers in metro Denver, especially with respect to downtown properties, according to a fourth-quarter report from <strong>Marcus &amp; Millichap<\/strong>. The report notes, \u201cVacancy in Denver\u2019s CBD has steadily increased since the onset of the pandemic, topping 26 percent in June.\u201d<\/p>\n<p>Metrowide, employment continues to increase, which might soften the sting of office deliveries hitting a three-year high\u2014including the opening of the <a href=\"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-lands-first-tenant-at-denver-tower\/\">606,000-square-foot Block 162 Tower<\/a>\u2014even as office availability rises to its highest level in 15 years.<\/p>\n<p>Despite all this, office investment remains active, with more office properties changing hands in the second quarter than in any quarter since the start of the pandemic. Further, M&amp;M reported, \u201cThe average sale price inched up 1 percent year over year to $220 per square foot in June, while the mean cap rate stayed the same at 6.7 percent.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investor acquired the trophy property in the city\u2019s trendy LoDo district.<\/p>\n","protected":false},"author":882,"featured_media":1004564531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21783,11,21747],"tags":[],"class_list":["post-1004564530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-investment","category-midatlantic","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beacon Capital Buys Denver Office Tower for $291M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Beacon Capital Partners purchased the Class A building at 1800 Larimer St. in Downton Denver from an entity affiliated with Invesco Advisors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beacon Capital Buys Denver Office Tower for $291M\" \/>\n<meta property=\"og:description\" content=\"Beacon Capital Partners purchased the Class A building at 1800 Larimer St. in Downton Denver from an entity affiliated with Invesco Advisors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-24T13:43:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:12:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"530\" \/>\n\t<meta property=\"og:image:height\" content=\"398\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/\",\"name\":\"Beacon Capital Buys Denver Office Tower for $291M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg\",\"datePublished\":\"2022-01-24T13:43:20+00:00\",\"dateModified\":\"2022-12-08T19:12:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Beacon Capital Partners purchased the Class A building at 1800 Larimer St. in Downton Denver from an entity affiliated with Invesco Advisors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/beacon-buys-denver-office-tower-for-291m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/Beaconsnip-2.jpg\",\"width\":530,\"height\":398,\"caption\":\"1800 Latimer St. in Denver. 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