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BUYS 23-STORY 1700 BROADWAY BUILDING; CLASSIC HIGH-RISE TRANSFORMED - Multi-Million Dollar Improvements to 400,000 sq. ft. Building - Class “A” Location for This “Innovative” I.M Pei “Skyscraper” Denver, Colorado, June 15, 2004: Broe Real Estate, an affiliate of The Broe Companies Inc., has purchased one of Denver’s most prestigious and classic high-rise office locations: the 23-story, 400,000 square-foot 1700 Broadway building. The Broe Companies is an international investment, acquisition and operations enterprise based in Denver, Colorado. The company is aggressively seeking to expand its diverse portfolio and accelerate its rapid growth. The purchased building has been known as The Mile High Center. The name change to 1700 Broadway is part of the property’s overall repositioning plan. Designed by the world renowned architect I.M. Pei, the building was hailed as Denver’s first “skyscraper,” its design described as “innovative and daring” and is called a beacon for Denver commerce. According to Chris Matthews, Executive Vice President at Broe Real Estate, the building will undergo a multi-million-dollar capital improvement effort. Mr. Matthews explains that Broe blended the look, feel and ambience of a classic business high rise with 21st century technology, tenant comfort, services and amenities. The objective is to return this property to its proper role as a premier business address, in what is already an “A” location. The company states the 1700 Broadway purchase previews additional investments as Broe pursues an ambitious real estate acquisition program over the next 18 to 24 months. Broe is actively seeking office investments nationwide with a focus on Denver, Chicago, Atlanta and the San Francisco Bay area. In addition, Broe is acquiring multi-family and industrial properties, as well as senior housing communities via its Aspen Retirement Communities subsidiary. Broe is handling the 1700 Broadway leasing in-house to significantly expedite response to prospects and brokers. This includes Broe’s lauded 48-hour commission guarantee and fast-track processing. Mr. Matthews commented on Broe’s strategy. “Broe real estate acquires assets in attractive locations. We create value with building improvements, responsible leasing techniques and an intense focus on tenant service and satisfaction. Our efforts after acquiring the Cascades building in the Denver Tech Center are a good example.” Richard Paige, CEO of ProGroup, a Cascades tenant, states, “Broe’s service and performance has been superb.” Another Cascades tenant, Robert Felsburg, President of Felsburg Holt & Ullevig, comments, “Broe is very responsive and acts and thinks like a partner in our business success.” Jim Slinkard, Team Leader, Keller Williams Realty, says, “We found Broe’s management of Cascades extraordinary. They know customer needs.” One of the nation’s best Property Managers, Joe Havey, will serve as General Manager for 1700 Broadway. Mr. Havey previously managed 2.6 million square feet of assets in Denver and Colorado Springs as Vice President and Partner at Amerimar Realty. The immediate Past-President of the Building Owners and Managers Association (BOMA), Mr. Havey also serves on the organizations Executive Committee and Board of Directors. In addition, Mr. Havey serves on the International Board of Trustees of The Building Owners and Managers Institute (BOMI). To discuss leasing opportunities at the 1700 Broadway Building, contact Mindy Weiner, mweiner@broe.com, 303-694-7010. About The Broe Companies: The Broe Companies is a 32-year-old, international investment, acquisition and operational enterprise headquartered in Denver, Colorado. The company is involved in an expanding and diverse array of businesses and industries, including: Transportation, incorporating OmniTRAX, the largest private rail and railroad operation in North America; Strategic Capital, incorporating McKinley Medical; Aspen Retirement Communities owns and operates independent and assisted living communities across the United States, incorporating eight communities and nearly 1,400 units; Real Estate, incorporating office and industrial buildings throughout the nation. Broe seeks to engage with professional business people to discuss possible acquisition of, investment in or operational affiliation with a company or other assets. Media Contact: Michael Burke Vice President, Corporate Communications 303-393-0033 (Office); 303-883-6551 (Mobile) mburke@broe.com |