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Artis REIT buys 50% stakes in 2 Denver office buildings for US$70M

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Artis REIT buys 50% stakes in 2 Denver office buildings for US$70M

Artis Real Estate Investment Trust purchased the remaining 50% stakes in two class A Denver office buildings for US$70.0 million.

The 22-story 1700 Broadway spans 394,174 square feet of leasable area and is 85.5% occupied. The diversified real estate investment trust purchased a 50% joint venture interest in the asset May 22, 2013, and paid US$51.0 million to snap up the remaining stake.

The 20-story Hudson's Bay Centre encompasses 179,938 square feet of leasable area and is 81.2% occupied. Artis purchased a 50% joint venture interest in the building April 15, 2014, and purchased the balance for US$19.0 million.

The deals for both class A office assets closed March 7.