The Riverview office building at 1700 Platte St. in Denver has sold. (Matt Geiger/BusinessDen)
The Platte Street building that serves as the headquarters of BP’s U.S. onshore oil and gas operations has sold, taking the title of Denver’s biggest office sale of 2023.
The five-story Riverview building at 1700 Platte St. sold on Tuesday for $129.1 million, according to public records. CBRE marketing materials listed the building as 202,500 square feet, making the deal worth $637 a square foot.
Texas-based Crescent Real Estate bought the building. The firm developed and still owns the Platte Fifteen building just down the street at 2373 15th St. It also owns the Riverpoint building next to REI at 2300 15th St.
Pacificcal Debt II LLC provided financing for the Riverview acquisition, records show. That entity has been described as a real estate debt joint venture between the California State Teachers’ Retirement System and PCCP.
The building is 100 percent leased. BPX Energy leases 81 percent of the building and has seven years left on its lease, according to the marketing materials viewed by BusinessDen in April. Another 14 percent is leased to Iowa-based software firm Workiva, which has six years left.
The remainder of the building is retail space leased to Maria Empanada, Daughter Thai Kitchen and Colorado Tea Station.
BPX also leases the majority of the adjacent 1644 Platte St. office building after taking over the space vacated by coworking company Galvanize.
Dallas-based Trammell Crow Co. and New York-based Clarion Partners developed Riverview. The land was purchased for $12 million in February 2016, records show. The building was completed in 2018. Tryba Architects designed it and Saunders Construction served as general contractor.
CBRE brokers Tim Richey, Jenny Knowlton, Charley Will, Chad Flynn and Alex Mulvihill represented the seller. Their marketing materials touted the structure as “Denver’s most prestigious ESG-centered asset,” saying it has energy cost savings of 44 percent compared to other buildings, and described Platte Street as “downtown Denver’s most coveted neighborhood.”
Office transactions have slowed since the pandemic. The Riverview sale is the largest within city limits this year. Other major deals have included Asana Partners’ $40 million purchase in January of multiple buildings along Platte Street, Beacon Capital Partners’ $54 million purchase in February of the office component of Union Tower West and Altus Properties’ $54 million purchase in March of multiple buildings in Cherry Creek.
The Riverview office building at 1700 Platte St. in Denver has sold. (Matt Geiger/BusinessDen)
The Platte Street building that serves as the headquarters of BP’s U.S. onshore oil and gas operations has sold, taking the title of Denver’s biggest office sale of 2023.
The five-story Riverview building at 1700 Platte St. sold on Tuesday for $129.1 million, according to public records. CBRE marketing materials listed the building as 202,500 square feet, making the deal worth $637 a square foot.
Texas-based Crescent Real Estate bought the building. The firm developed and still owns the Platte Fifteen building just down the street at 2373 15th St. It also owns the Riverpoint building next to REI at 2300 15th St.
Pacificcal Debt II LLC provided financing for the Riverview acquisition, records show. That entity has been described as a real estate debt joint venture between the California State Teachers’ Retirement System and PCCP.
The building is 100 percent leased. BPX Energy leases 81 percent of the building and has seven years left on its lease, according to the marketing materials viewed by BusinessDen in April. Another 14 percent is leased to Iowa-based software firm Workiva, which has six years left.
The remainder of the building is retail space leased to Maria Empanada, Daughter Thai Kitchen and Colorado Tea Station.
BPX also leases the majority of the adjacent 1644 Platte St. office building after taking over the space vacated by coworking company Galvanize.
Dallas-based Trammell Crow Co. and New York-based Clarion Partners developed Riverview. The land was purchased for $12 million in February 2016, records show. The building was completed in 2018. Tryba Architects designed it and Saunders Construction served as general contractor.
CBRE brokers Tim Richey, Jenny Knowlton, Charley Will, Chad Flynn and Alex Mulvihill represented the seller. Their marketing materials touted the structure as “Denver’s most prestigious ESG-centered asset,” saying it has energy cost savings of 44 percent compared to other buildings, and described Platte Street as “downtown Denver’s most coveted neighborhood.”
Office transactions have slowed since the pandemic. The Riverview sale is the largest within city limits this year. Other major deals have included Asana Partners’ $40 million purchase in January of multiple buildings along Platte Street, Beacon Capital Partners’ $54 million purchase in February of the office component of Union Tower West and Altus Properties’ $54 million purchase in March of multiple buildings in Cherry Creek.
