Broadreach expands Denver holdings

Palo Alto, California-based Broadreach Capital Partners has expanded its Denver area office portfolio with the reported addition of its eleventh property for $45m.

Private equity firm Broadreach Capital Partners has added another Denver office building to its portfolio with the $44.8 million (€32.8 million) purchase of the 1700 Grant building, according to local press. The seller was New York-based Starr Realty Corporation.

The 265,520-square-foot, 11-story building is the firm’s eleventh acquisition in the Denver area, according to the report.

Broadreach’s other investments in Denver include the 767,238-square-foot World Trade Center, the 641,712-square-foot 1999 Broadway office tower, the 612,215-square-foot Greenwood Corporate Plaza office complex, the 568,815-square-foot Aurora Marketplace office complex and the 500,487-square-foot 1125 17th Street office tower.

The firm has also been busy overseas. In June, Broadreach acquired its first hotel in Australia, the Oasis Resort in Cairns, for approximately A$50 million ($41 million; €30 million) from Australian finance, tourism and property group MFS. The property was purchased through its BRCP Realty II fund, which closed last year with total capital commitments of $700 million.

Broadreach was formed in 2002 by a team from US-based REIT Spieker Properties. Since its inception, the firm has invested more than $2 billion in commercial, hospitality and residential properties.