News release

Downtown Denver office portfolio sells for $85.5M

JLL Capital Markets completed the sale of two mid-rise assets in the popular LoDo District

October 06, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

DENVER, Oct. 6, 2021 – JLL Capital Markets announced today that it has closed the $85.5 million sale of a two-property office portfolio totaling 170,472 square feet in the highly sought-after LoDo District in Denver, Colorado.

JLL marketed the property on behalf of the seller, ASB Real Estate Investments. Unico Properties purchased the asset.

The portfolio comprises the 118,281-square-foot building at 1755 Blake and the historic brick-and-timber Hardware Block building at 1515-1527 Wazee St. 1755 Blake is a five-story, LEED-certified brick building with modern finishes, a concrete-loft style, mountain views and tall ceilings. Completed in 2008, the property recently underwent renovations that included upgrades to the lobby and fitness center. The 77.1-percent-leased building also has a subterranean parking garage with 148 spaces.

The fully leased, five-story Hardware Block building was originally constructed in 1895 and most recently renovated in 2001. The red brick building is complemented by contrasting wooden beams and ceiling heights ranging from 12 to 16 feet. The building contains 52,191 rentable square feet of office space through floors one through four, and 41 subterranean parking stalls in the building.

The buildings are located in Denver’s Lower Downtown district, which is colloquially known as LoDo and one of the most sought-after submarkets in the Denver MSA due to its low vacancy, strong tenant demand and surrounding amenities. The area is anchored by Denver Union Station transportation complex, which is a short walk from both properties.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.

“The LoDo Portfolio offered two best-in-class properties in a desirable location near Union Station, Dairy Block and Coors Field,” Merrion said. “We saw incredible interest from investors for this rare offering and are excited to watch their continued success in our market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About ASB Real Estate Investments 

ASB Real Estate Investments (ASB), a division of ASB Capital Management LLC, is a leading U.S. real estate investment management firm with more than $7.9 billion (as of 6/30/2021) in gross assets under management for over 325 institutional clients. With offices in Bethesda, MD and Palo Alto, CA, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients.  For more information about the company, visit asbrealestate.com.

About Unico Properties LLC

Unico Properties is a private real estate firm offering user-centered investment, development, management and sustainability services in emerging markets across the United States. Founded in 1953, Unico employs nearly 300 real estate-obsessed people between its Seattle-based headquarters and the cities Unico Properties invests in.