New York, 30 May 2022
Macquarie Asset Management has completed the acquisition of One DTC West, a boutique Class A office building located at S. Niagara St. and E. Belleview Ave. in Denver’s premier transit-oriented location, Bellevue Station, within the broader Denver Tech Center submarket. The purchase was made on behalf of a U.S. separate account mandate by Macquarie Asset Management’s U.S. Core/Core-Plus Real Estate team.
Completed in 2018, One DTC West is a four-story office building totaling 76,095 square feet of leasable space. It is 100 per cent leased to five tenants.
The building sits within the western side of the Denver Tech Center submarket and is a five-minute walk from the Belleview Station, which has light rail, 70,000 s.f. of retail stores and two apartment communities offering almost 700 housing units with more under construction and proposed in the near term. The building is also close to executive housing neighborhoods, leisure amenities, open space and has unobstructed views of the Rocky Mountains.
“One DTC West is an extremely high-quality, modern building in a strong urban-node suburban location, favoring a live-work-play environment. It attracts strong credit tenancy and provides stable income in the near term with the potential for further upside,” said Christopher Quiett, head of U.S. Core/Core-Plus Real Estate at Macquarie Asset Management.
Earlier this year, Macquarie Asset Management’s U.S. Core/Core-Plus Real Estate team acquired 375 Broadway, a fully leased ‘jewel box’ mixed-use building in New York City’s SoHo neighborhood as well as fully leased creative office buildings in Phoenix, AZ and Seattle, WA. Additionally, the group has been active in Denver since 2013 when it acquired new buildings adjacent to Denver Union Station in LoDo, as well as the CoBank building in Greenwood Village.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.