Blackstone Mortgage Trust has snagged a 70,000-square-foot office building in Denver for $33.6 million, or less than half of what it sold for three years ago.
The New York-based real estate investment trust bought the Rev360 building at 3600 Brighton Boulevard, in the River North Art District, the Denver Business Journal reported. The seller was Shorenstein, based in San Francisco.
The deal works out to $198 per square foot.
Shorenstein purchased the property in November 2021 for $72 million, or $424 per square foot.
The five-story building, built in 2019 near the RiNo Art Park and three blocks from the 36th and Blake streets commuter rail station, has 20,000 square feet of ground-floor shops and restaurants.
The building, with a striking gray tile facade broken up by dark tinted windows and red accents, has balconies on every floor.
Rev360 was originally slated to house WeWork coworking offices, according to the Business Journal. WeWork announced it would occupy 60,000 square feet in 2018, but never moved in. The building contains a conference center with a kitchen and a fitness center
Blackstone Mortgage Trust, founded by Sam Zell, John Klopp and Craig Hatkoff in 1997, originates senior loans secured by commercial real estate in North America, Europe and Australia, according to its website. As of Sept. 30, the Blackstone-managed trust had a loan portfolio of $19 billion and $1.5 billion in liquidity.— Dana Bartholomew
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