Seattle-based Urban Renaissance Group on Friday said it has acquired a 17-year-old Denver office building that also has broadcast studio space.
URG paid a subsidiary of Tribune Media Co. $23 million for the three-story100 Speer building near downtown. Tribune Broadcasting Denver LLC will remain a tenant long-term in the 100,000-square-foot building. This is the third URG Denver acquisition since 2014.
URG CEO Pat Callahan likes the asset due to its proximity to downtown, and said Denver is an attractive market because its population is growing and the region recently invested $7 billion in transit infrastructure. He added that the lease to Tribune is a plus because media companies are a wise long-term investment.
Tribune Media Co. (NYSE: TRCO) has been selling off assets, including its iconic Tribune Tower in Chicago. Last year, the company sold the building in Seattle’s South Lake Union that houses Fox affiliate Q13 and sister station Joe TV to Allstate Insurance Co.
URG owns or operates a 9-million-square-foot office investment and management portfolio across Washington, Oregon and Colorado. URG and its development arm, Touchstone, plan to expand into developing mixed-use projects, Callahan told the Puget Sound Business Journal last year.