Beacon buys office building on Platte Street for $60M – The Denver Post

Boston-based Beacon Capital Partners has added to its holdings in Denver.

The real estate firm purchased the Circa office building at 1615 Platte St. this week for $60 million, according to public records.

The building is 96,000 square feet, according to its website, which makes the deal worth $625 per square foot. It is four stories, although a mezzanine level makes it appear five stories on one end.

Beacon declined to comment on the purchase. The company already owns at least a partial stake in a number of other prominent local office buildings, including the Wells Fargo Center and Tabor Center downtown, and The Hub in RiNo. Within the past 18 months, Beacon has purchased the Wells Fargo bank branch building at 1740 Broadway, and sold a stake in the Wells Fargo Center to Brookfield.

Circa was developed by Seattle-based Unico Properties and Denver-based Confluent Development. The building is one of 27 that Unico said in 2019 that it had sold to Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, for $710 million. But Unico said it maintained a stake in the portfolio and would continue to manage the properties on behalf of the partnership.

Circa’s office tenants include Xero and WeWork. Ground-floor retail tenants include Blue Sparrow Coffee, Room for Milly cocktail bar and restaurant chain Dave’s Hot Chicken, which has yet to open.

Source: Read Full Article