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12/06/16
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Franklin Street Properties Corp has acquired Dominion Towers, a two-building, 613.5k sf office complex in downtown Denver, for $154 mil, or about $250/sf. Located at 600 17th St, the property consists of two interconnected 19 and 28-story Class A office towers. The property is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall.
According to Franklin Street, the purchase price represents a substantial discount to estimated replacement cost. The buyer funded the acquisition with the proceeds of a $150 mil unsecured, two-year bridge loan with JPMorgan Chase Bank, N.A. as administrative agent (the “Bridge Loan”) with the balance paid from existing cash on hand.
The buyer plans to make capital investments of approximately $3 mil. During 2017, they expect the property to have an average occupancy rate of approximately 89%, comprised of multiple tenants with staggered lease expirations. EOG Resources, Inc is currently the largest tenant with approximately 29% of the rentable square footage until December 2026.
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