Rebirth of a Denver Landmark: 1801 California
This 1.3-million-square-foot, 54-story, award-winning Class A office tower has defined the skyline of Denver's CBD and served as the Qwest (or its predecessors) headquarters since its construction in 1983.
In selling the property, Cushman & Wakefield's cross-service teams were challenged by the near-term expiration of Qwest/CenturyLink's master lease on 100% of building – the largest pending vacant block of space in Denver's history; uncertainty related to sub-tenants (about 30% leased); the option right to buy out a ground lease interest (exercised and negotiated as part of the sale) that delivered fee-simple title to the property, and condominium interest in the parking garage.
The property was under contract in late October and closing occurred December 9 with zero adjustments to the contract price.
At $215 million, this represented the largest Denver office transaction since 2007. Cushman & Wakefield's Denver office was subsequently awarded the leasing assignment.