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Canadian REIT Completes Ownership Stake in Denver Office Properties for $70 Million

Artis REIT Purchases Remaining 50 Percent in Two Office Buildings
March 8, 2018
Pictured: 1700 Broadway in Denver.

Canadian real estate company Artis Real Estate Investment Trust has purchased the remaining interest in two Denver properties, making it the sole owner of both.

Artis (TSX: AX.UN) purchased the remaining 50 percent interest in both 1700 Broadway and the Hudson’s Bay Centre at 1600 Stout St.

Artis and MDC Realty Advisors together purchased 1700 Broadway, a 22-story, 394,174-square-foot tower, in 2013. Artis acquired MDC’s 50 percent interest in the building for $51 million in a deal that closed March 7.

Upon closing, Artis assumed MDC’s portion of the mortgage, resulting in a total mortgage on the property of $43.9 million.

The tower, which is connected to the Wells Fargo Center via a pedestrian bridge over Lincoln Street, was 85 percent occupied at the time of sale, according to Artis.

Similarly, in 2014 Artis and MDC together purchased the Hudson’s Bay Centre, a 20-story, 179,938-square-foot office tower. Artis purchased the remaining interest in the property for $19 million, also in a deal that closed March 7.

Artis assumed the remaining mortgage on this property as well, for a total of $19.7 million. Hudson’s Bay Centre is 81.5 percent leased.

Artis also owns several properties in metro Denver, including 161 and 169 Inverness in Englewood, which houses some operations for DirecTV and Level 3 Communications.

The company owns approximately 24.8 million square feet in the U.S. and Canada.

For more information on these sales, please see CoStar Comp # 4157939 and CoStar Comp # 4157954.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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