Fully leased LoDo District office building trades for $25.8M
JLL Capital Markets led sales efforts for Hardware Block, a historic brick and timber office property in Denver
DENVER, Feb. 8, 2022 – JLL Capital Markets announced today that it has closed the $25.8 million sale of Hardware Block, a 54,125-square-foot, boutique office building in Denver’s Lower Downtown (LoDo) District.
JLL represented the seller, Unico Properties, and procured the buyer, Asana Partners. Additionally, Asana Partners has engaged JLL Property Management to handle management of the property.
Originally built in 1895, Hardware Block is a brick and timber building offering four stories of creative office space with exposed timber beams, 12-16’ ceiling heights and operable windows to maximize natural light and fresh air. In addition, the property has an elevator-served subterranean parking garage, which is a unique feature for buildings of this vintage. Hardware Blocks is fully leased to two tenants.
Hardware Block is positioned at 1515 – 1527 Wazee in LoDo, the submarket that has maintained the highest levels of leasing activity in Denver’s central business district. LoDo is anchored by Denver’s Union Station and provides a wide variety of restaurants, boutique hotels and residential developments alongside marquee destinations such as Coors Field, Dairy Block and Market Station.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mark Katz, Managing Director Peter Merrion and Senior Director Hilary Barnett.
"Hardware Block is one of Denver's finest examples of historic brick & timber buildings and was well received by the market,” Merrion noted. “The purchaser is very excited to add this property to their unique Denver portfolio."
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 sales and 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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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Unico Properties
Unico Properties LLC is an American private equity real estate investment and development company based in Seattle, Washington, focused on the north-west and west of the U.S. For more information, please visit: unicoprop.com.
About Asana Partners
Asana Partners is a vertically integrated real estate investment company that creates value by investing in distinctive neighborhood mixed-use and retail assets in dynamic markets in the United States. To learn more about Asana, please visit: asanapartners.com.