Efforts to create value pay off
Efforts to create value at 1999 Broadway paid off with the recent $183 million sale of the 43-story office tower and an accompanying parking garage.
Franklin Street Properties paid $269 per square foot for the Class A office building and the nine-level garage located at 2099 Welton St. The property last sold in late 2005 for $110 per sf.
David Naus of Equity West Investment Partners, who sold the property with partners Broadreach Capital Partners and Pearlmark Real Estate Partne…
Morean opens Denver SKB office
Rich Morean recently opened the Denver office for ScanlaonKemperBard Cos., better known as SKB, a 20-year-old joined Portland-based private equity commercial real estate firm.
With his new position as a partner at SKB, for the first time in his 25-year-plus career, Morean will focus on raising capital, rather than doing deals.
SKB currently doesn’t own any properties in Colorado, but is on the hunt for value-add…
Broe Group finds synergies
The $98 million sale last month of 1700 Broadway represents not only a strong price for a high-rise office tower in downtown, but also is the latest turnaround deals for the seller, the Denver-based Broe Group.
“Pat Broe and Bob Jacobs are certainly astute investors and they are as entrepreneurial any individuals you will find,” said Mary Sullivan, who represented Broe in the sale of 1700 Broadway with f…
'Excellent' real estate trades for $11m
A California-based investment firm acquired a 186,000-square-foot office property for $11 million.
Karlin Real Estate purchased the two-building property at 9910 and 9930 Federal Drive in Colorado Springs, which was originally constructed in 2000 as a build to suit for Ford Credit.
Ford occupies the larger of the two-story buildings, 9930, where it has 5 ½ years remaining on its lease. The approximately 80,000-sf building at 9910 Federal is vacant.
“At the e…
HFF arranges $49 million in financing for 1700 Broadway
HFF announced today that it has arranged $49 million in acquisition financing for 1700 Broadway, a 22-story, 394,151-square-foot office building in Denver's central business district.
HFF worked on behalf of the borrower, Artis HRA 1700 Broadway LP, a 50/50 partnership between MDC Realty Advisors USA, Inc. and Artis REIT, to secure the 10-year, 3.11 percent, fixed-rate loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property in a sale br…
Share space conference in Denver
California-based group that promotes multi-tenant office-sharing in the nonprofit sector, today kicks off a national conference in Denver.
The San Francisco-based Nonprofit Centers Network’s 2013 Building Opportunities Conference in the Colorado Convention Center ends Wednesday.
A variety of tours, local and national speakers are on tap to discuss shared space centers, which are workspaces in which two or more organizations co-locate their office and/or programming…
Finishes, tenancy sell 1700 Broadway from inside out
It was beauty before age that drew investors to Denver’s first high-rise office tower.
Artis Real Estate Investment Trust and MDC Realty Advisors USA Inc. competed against a “substantial” number of investors to acquire 1700 Broadway, a 23-story Class A office building built in 1956.
The property sold for $98 million.
The 394,151-square-foot building is the first high-rise designed by famed architect I.M. Pei. Although it represents very attractive midcentury, …
Fentress, Mortenson break ground on $200 million campus
Construction has started on a $200 million, 467,000-square-foot campus, which will consolidate Charles Schwab’s three leased buildings in Denver into a unified regional campus in Lone Tree.
Fentress Architects designed and Mortenson Construction is building the 40-plus-acre campus, which features a sustainable state-of-the-art office design for Charles Schwab’s 1,800 regional employees.
The new campus at the southwest corner of Lincoln Avenue and …
Triangle Building to break ground in October
East West Partners and an affiliate of Starwood Capital Group plan to break ground on the Triangle Building next to Denver Union Station in October.
The 10-story, 200,000-plus-square-foot office building will cost an estimated $85 million and is scheduled for completion in May 2015. It will feature nine stories of office space, 10,000 sf of street-level retail space and two levels of underground parking. Todd Wheeler of Cushman & Wakefield of Colorado will lead the leasing …
Summit Materials selects LoDo building for headquarters
Summit Materials is moving its Washington, D.C., headquarters to Mercantile Square in Lower Downtown Denver.
The company signed a seven-year lease for 16,653 square feet of third-floor space that spans 1550 Wynkoop St. and 1628 16th St. The Colorado Economic Development Corp. recently approved $1.3 million in incentives for the corporate relocation, which will bring 79 jobs to the state.
“We’re thrilled,” said Mike Coughlin of Coughlin & Co., which owns the…
Longtime owner sells Armory Building in $6.31 million deal
A historic Pearl Street building leased to a hip national retailer sold for $6.31 million.
R&L Properties, through a pair of limited liability companies, bought the Armory Building at 934 Pearl St. from Armory Building LLC. Urban Outfitters occupies the 12,298-square-foot structure, which was built in 1898 for Company H of the Colorado First Infantry.
“We were seeking out to try to find the best building in Boulder, and we think we did. It’s a great building, a h…
PeakView at Dabling sees occupancy skyrocket
Northstar Commercial Partners recently invested in a 152,023-square-foot building in Colorado Springs, where occupancy rocketed from 28.57 percent at contract negotiation to 73.03 percent at closing.
Northstar, which specializes in acquiring opportunistic commercial real estate assets throughout the United States, bought a controlling interest in Dabling Properties LLC, which owns the facility, PeakView at Dabling, at 5825 Mark Dabling Blvd.
“We’re extremely excited …
Madden rolls out new high-design tower
Developer John Madden is ready to roll out his new masterpiece – a $100 million office tower in Greenwood Village.
Madden aims to start construction of the 360,000-square-foot LEED Gold building by August for occupancy in summer 2015. Like his last office building, Palazzo Verdi, Palazzo Verdi II will be something to behold, with sculptures of three life-size giraffes welcoming tenants and guests to its lobby.
Read the entire story in the May 1-14 issue.
Group pays $160.67 per sf for Cherry Creek office building
A local investment group, in its second recent acquisition, paid $160.67 per square foot for a Cherry Creek office building.
PIII Properties acquired the 26,930-square-foot building at 3400 E. Bayaud St. in Denver for $4.3 million. The building was 100 percent occupied.
Derek Vanderryst of Miller Frishman Group represented the buyer. The listing brokers were David Tilton and John Torp of Newmark Grubb Knight Frank.
“We achieved a pretty high price per square foot,&rdquo…
Rosemont Realty buys World Trade Center
Rosemont Realty LLC, a commercial real estate investment company with approximately 18 million square feet of commercial office space valued in excess of $1.8 billion, has acquired the two-building Denver World Trade Center office towers in downtown Denver.
Rosemont Realty purchased the Class A, 770,221 square foot office complex from I&G Denver WTC, LLC. The sales price was not disclosed.
The complex includes two Class A, LEED Gold-certified towers. Tower I is a 28-stor…
Westmoor buildings trade at $65.49 million
Investors are looking favorably on suburban office, as evidenced by a $65.49 million sale of an asset on the Denver-Boulder corridor.
Public records show Investcorp bought Westmoor Place, a 428,029-square-foot Class A office property, from CBRE Global Investors for $153.03 per sf.
The three LEED-certified buildings were 89 percent leased to tenants that include LGS Innovations, an Alcatel-Lucent subsidiary, and McKesson Technologies. The two tenants occupy approximately 270,000 …
Tenants take 66,025 sf at 1801 California
Brookfield Office Properties has leased 66,025 square feet of office space at 1801 California to two tenants.
Halcón Resources Corp., an independent energy company, signed an 11-year lease for 43,829 square feet. Charlie Lodge, Alec Wynne, Rob Neblett and Harry Holmes of Avison Young represented the tenant.
Newalta, a Canada-based industrial waste management and product recovery company, also signed an 11-year lease. It will occupy 22,196 sf. Colliers International broker…
Transformed printing plant to be multistate draw
Ascendant Development plans a next-generation design center at the former Denver Post printing facility at Interstates 25 and 70. Ascendant expects the multifaceted center to be a destination for Colorado and surrounding states. Read more about it in CREJ's April 17 issue.
Pauls Corp. to break ground in Cherry Creek
The Pauls Corp., in a joint venture with FirstBank and Junction Energy Partners, will break ground this fall on an upscale office building in Cherry Creek, one of the first new office buildings in that submarket in 25 years. The 150,000-square-foot building at the northeast corner of First Avenue and St. Paul Street is 40 percent preleased. Read about it in CREJ's April 17 issue.
Kresher Capital adds historic building to portfolio
Kresher Capital has acquired a historic office building in the Prospect neighborhood as it continues to build its Colorado property portfolio.
Kresher paid $4.4 million, or $152.22 per square foot, for the three-story building at 3012 Huron St. The 28,926-sf building dates to 1917 and is fully leased to digital signage company Four Winds Interactive.
“We really feel good about the building. It’s a beautiful historic building,” said Kresher Director Patrick Dunn…