Investor purchases recently renovated Denver office building
JLL Capital Markets led sales efforts for Globe4Hundred, which is located in the rapidly expanding Globeville neighborhood
DENVER, July 13, 2021 – JLL Capital Markets announced today that it has closed the sale of Globe4Hundred, a recently repositioned office building located at 400 West 48th Ave. in Denver, Colorado.
“We would like to thank the entire team involved with the repositioning of 400 W 48th, which included our leasing team led by Nate Bradley, Farrington GC, Waring Associates, Muse and SM&RC,” said Nate Schnabel of NAS Properties.
400 West 48th Ave. comprises 93,000 square feet of office space and 5,000 square feet of retail space that is 100% leased to seven tenants. The three-story property recently underwent significant renovations that included a lobby remodel, adding a fitness center with showers, a tenant lounge and conference center as well as exterior upgrades.
The property is situated on a 4.75-acre site at the intersection of Interstates 25 and 70 in Globeville. The Globeville area is part of the City of Denver’s redevelopment plan, and as such, the property is close to numerous new developments, including the $1b master-planned National Wester Complex, the new Colorado State University Campus and the redevelopment of Washington Street. Additionally, the property is just a short drive to Denver’s RiNo neighborhood and Downtown Denver, just 2.5 miles to the south.
The JLL Capital Markets team representing the seller was led by Managing Directors Larry Thiel and Jason Schmidt who sold their second off-market office building in the span of three weeks.
“Office transaction volume continues to improve in the city as investors look to deploy capital in resilient office markets, like Denver,” said Thiel.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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Founded in 2015, Tributary Real Estate is a Denver-based fully integrated commercial real estate firm. Its team of seasoned industry leaders is committed to client-focused brokerage services, quality development, and attractive investment opportunities throughout the Denver Metro area.