Lincoln Crossing features two towers at 1775 Sherman St. and 1776 Lincoln St. in Denver. (Google Maps)
Westside Investment Partners has brought its bargain-hunting back downtown.
The Glendale-based firm, which has bought a half-dozen major office buildings at deep discounts in recent years, added another on Friday: the Lincoln Crossing complex at 1775 Sherman St. and 1776 Lincoln St. in Denver.
Public records show the firm paid $10 million for the complex, which CBRE marketing materials peg at 463,000 square feet. That works out to $21.50 a square foot.
The tower was sold by LPC Realty Advisors, an investment advisory affiliate of Lincoln Property Co. It bought the property in October 2018 for $95.3 million, records show. Last week’s sale price represents a 90% discount.
Westside founder Andy Klein did not respond to a request for comment. His firm has been the region’s biggest player when it comes to buying distressed office space.
The company made one notable downtown buy early on, picking up the 24-story Denver Club building at 518 17th St. in 2022 for the very-Denver price of $52.80 a square foot.
Since then, however, Westside has been more interested in the suburbs.
In 2023, the firm bought a vacant structure in Centennial. Last summer, Westside bought three adjacent structures in Greenwood Village across two deals with Denver-based Knightbridge Capital, then added another three on its own in Centennial in November.
Along the way, the firm has also made headlines for agreeing to swap its Park Hill Golf Course property with the city in exchange for land near Denver International Airport. That deal has yet to be finalized.
Lincoln Crossing consists of two towers. The 32-story Tower I, along Sherman, dates to 1983. The 13-story Tower II, along Lincoln, was built earlier, in 1970.
The complex is just 20% leased, according to CBRE. That translates to about 375,000 square feet of unused space.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Lincoln Crossing features two towers at 1775 Sherman St. and 1776 Lincoln St. in Denver. (Google Maps)
Westside Investment Partners has brought its bargain-hunting back downtown.
The Glendale-based firm, which has bought a half-dozen major office buildings at deep discounts in recent years, added another on Friday: the Lincoln Crossing complex at 1775 Sherman St. and 1776 Lincoln St. in Denver.
Public records show the firm paid $10 million for the complex, which CBRE marketing materials peg at 463,000 square feet. That works out to $21.50 a square foot.
The tower was sold by LPC Realty Advisors, an investment advisory affiliate of Lincoln Property Co. It bought the property in October 2018 for $95.3 million, records show. Last week’s sale price represents a 90% discount.
Westside founder Andy Klein did not respond to a request for comment. His firm has been the region’s biggest player when it comes to buying distressed office space.
The company made one notable downtown buy early on, picking up the 24-story Denver Club building at 518 17th St. in 2022 for the very-Denver price of $52.80 a square foot.
Since then, however, Westside has been more interested in the suburbs.
In 2023, the firm bought a vacant structure in Centennial. Last summer, Westside bought three adjacent structures in Greenwood Village across two deals with Denver-based Knightbridge Capital, then added another three on its own in Centennial in November.
Along the way, the firm has also made headlines for agreeing to swap its Park Hill Golf Course property with the city in exchange for land near Denver International Airport. That deal has yet to be finalized.
Lincoln Crossing consists of two towers. The 32-story Tower I, along Sherman, dates to 1983. The 13-story Tower II, along Lincoln, was built earlier, in 1970.
The complex is just 20% leased, according to CBRE. That translates to about 375,000 square feet of unused space.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
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