A consortium of Hana Financial Investment Co. and Hyundai Asset Management Co. Ltd. has recently closed a $238 million acquisition of an office tower in downtown Denver, with Samsung SRA Asset Management, according to a Korean Investors article.
The seller of the U.S. Bank Tower at 1670 Broadway was UBS Realty Investors.
During its ownership, UBS spent $31 million on renovations to the property, including modernizing its lobby. The site features a garage for employees and a new annex building fully leased to TIAA.
According to New York–based financial indexer MSCI’s 2017 research report Global Gateway Cities: The Performance Behind the Hype, the office sector in global gateway cities did not provide superior unadjusted returns over the decade ending 2016, based on annualized total return, for foreign investors. The data noted that overseas buyers are finding better returns in second- and third-tier cities around the world.
Most recently, The Construction Workers Mutual Aid Association and a South Korean insurance firm invested $56 million in a $123 million deal to acquire an office building, Re/Max Plaza International, in southeast Denver, reported Korean Investors.
