Real Estate

Real Estate
Union Tower West signs first tenant
May 18, 2016 at 9:18 pm 0

Union Tower West

Portman Holdings, developer of the mixed-use Union Tower West in Denver’s LoDo area, announced today that law firm Husch Blackwell will lease 36,272 square feet of office space in the building, scheduled to open December 2016.

Union Tower West is Portman’s first development in Denver. It will contain 100,000 square feet of office space above the 180-room upscale boutique Hotel Indigo hotel, along with 10,000 square feet of restaurant and/or retail space. 

“We are excited about expanding our Denver team in a building of this caliber,” said Kevin Kelley, Managing Partner for Husch Blackwell’s Denver office. “The location of the building also has special significance to us, as Husch Blackwell worked on the redevelopment of Union Station’s Historic Building as well as the development, leasing and sale of the North Wing Building.”

Portman’s Director of Leasing, Travis Garland, represented ownership, along with Jonathan Jones of Colliers International. Sven Sykes and Jason Sheehy of Colliers International represented Husch Blackwell. The law firm will occupy space on the 9th and 10th floors of Union Tower West on a long-term lease. Husch Blackwell is expected to move into its new offices in January of 2017, shortly after the grand opening of the project, anticipated in December of this year.

“We knew this location would be very special when we started this project in 2014,” said Portman’s Director of Leasing Travis Garland. “It’s been a pleasure to share the vision for the building with Husch Blackwell. Having such a prestigious law firm as a part of this project sets the tone for what we believe is the best location in downtown Denver.”

Real Estate
Uptown office building sells for $8,600,000
April 5, 2016 at 2:24 pm 0
Denver Tower

Photo of Denver Tower courtesy Cushman & Wakefield

Denver Tower, a 54,929 square foot office building located in Denver's Uptown neighborhood, sold for $8,600,000 on March 31, 2016. Aaron D. Johnson and Jon D. Hendrickson, Senior Directors of the Capital Markets Group with Cushman & Wakefield, had the exclusive listing to sell the property on behalf of Denver-based Centre Point Properties.

“Denver Tower provides a significant value-add opportunity with a stabilized asset where current lease rates are as much as $5.00 per square foot below market,” said Johnson. “The property appeals to a wide range of tenants attracted to an uncongested CBD location within one of Denver’s core neighborhoods. A majority of Denver Tower’s existing tenant base benefits from the close proximity to the Colorado State Capitol.”

Denver Tower is a 10-story office building located at 1905 Sherman Street. It was built in 1975 and then renovated in 2007. The property is 100 percent leased to 14 tenants and features structured parking,  The 20th & Welton Light Rail Station is located two blocks away from Denver Tower

Real Estate
LoHi’s Wheeler Block Building sold
March 17, 2016 at 12:27 pm 0
Wheeler Block Building

Wheeler Block Building photo courtesy Cushman & Wakefield

Cushman & Wakefield announced the sale of the Wheeler Block Building, a 32,855 square foot office building located at 2150 West 29th Avenue in the Lower Highlands neighborhood of Denver. The 6-story property sold for $7,765,000. The Wheeler Block Building was originally constructed in 1892 and then substantially renovated in 2008.

Jon D. Hendrickson and Aaron D. Johnson, Senior Directors of the Capital Markets Group with Cushman & Wakefield, had the exclusive listing to sell the property on behalf of a Colorado-based private partnership.

“Wheeler Block is an incredibly unique office building located within one of Denver’s strongest urban neighborhoods,” said Hendrickson. “The property benefits from convenient interstate access, great surrounding restaurants and close proximity to everything downtown Denver has to offer. The buyer will be able to add value through leasing and strategic improvements. There will always be a market for the Wheeler Block Building.”

Real Estate
Southeast Denver apartment complex sold for $42 million
February 3, 2016 at 2:33 pm 0

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Cypress Point, a 292-unit, garden-style apartment community in southeast Denver, Colorado.

HFF marketed the property on behalf of Jackson Square PropertiesAdvenir, Inc. (Advenir) purchased the offering for $42 million free and clear of existing debt.  Additionally, HFF assisted the new owner in securing a $33.6 million, seven-year, 2.75 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. Advenir will rebrand the property as [email protected] Creek South and will implement a capital improvement program to achieve greater rental premiums.

Cypress Point is located at 1211 South Quebec Way near the intersection of South Quebec Street and Leetsdale Drive, approximately seven miles southeast of downtown Denver.  Situated on 11.36 acres, the property offers convenient access to Interstate 25, Cherry Creek Shopping Center/Cherry Creek North, Cherry Creek State Park, Highline Canal Trail and many of Denver’s major employment centers.  The property has 15 two- and three-story residential buildings, which house 292 one- and two-bedroom units averaging 815 square feet each.  Community amenities include a swimming pool, spa, tennis court, basketball court, volleyball courts, state-of-the-art fitness center, clubhouse, internet café, lounge and business center.

The HFF investment sales team representing Jackson Square Properties was led by Jordan Robbins and Jeff Haag.

HFF’s debt placement team representing Advenir was led by Josh Simon and Eric Tupler

Real Estate
Six-building office complex sold in Centennial
January 19, 2016 at 7:33 pm 1
Panorama Corporate Center

Panorama Corporate Center. Image courtesy HFF.

Holliday Fenoglio Fowler, L.P. (HFF) announced Tuesday that it has closed the sale of and arranged financing for Panorama Corporate Center, a 780,649-square-foot, six-building, Class A office campus in suburban Denver, Colorado.

HFF represented the seller, Miller Global Properties, LLC, in the sale of the property to EverWest Real Estate Partners and Independencia Asset Management.  Additionally, HFF assisted the new owner in securing a 70-percent-LTV, 10-year, full term interest only, fixed-rate acquisition loan at 4.78 percent through a national investment bank.  HFF was also involved in the prior sale of the property in 2013.

Panorama Corporate Center is situated on 42.1 acres at the southwest corner of the Interstate 25/Dry Creek Road interchange adjacent to the Dry Creek light rail station in Centennial, a southeast suburb of Denver.  The Class A complex was developed between 1996 and 2008 and is 94.1 percent leased to tenants including United Launch Alliance and Comcast.  Tenants have access to an on-site deli with Wi-Fi enabled outdoor seating and a fitness center, which is under construction in Building II. 

The HFF investment sales team was led by senior managing directors John Jugl and Mary Sullivan.

HFF’s debt placement team was led by senior managing director Eric Tupler.