Downtown Denver office portfolio sells for $85.5M

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.

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