JLL closes sale and financing of 410 17th Street in Denver
Positioned in eastern half of Denver’s CBD that has seen a wave of new development
DENVER, July 11, 2019 – JLL announces that it has closed the sale and financing of 410 17th Street, a 436,455-square-foot, Class A office building in the Midtown East submarket of Denver’s central business district (CBD).
JLL represented the seller, Ivanhoé Cambridge, and procured the buyer, a joint venture between Rialto Capital Management and SteelWave, LLC. Additionally, JLL worked on behalf of the buyer to secure the five-year, floating-rate acquisition bridge loan through Ares Management.
Renovated most recently in 2018, 410 17th Street is a 24-story, 76%-leased office tower with typical floorplates of 18,500 square feet and an attached eight-level, 325-space parking garage. 410 17th Street is positioned in the eastern half of Denver’s CBD, which has seen a wave of development in recent years, including multifamily, hotel, retail and office projects that have transformed the area into a true live-work-play neighborhood. With a Walk Score® of 99 and a Transit Score® of 93, the office tower is within minutes of residential areas, dozens of restaurants and shopping on the 16th Street Mall and the RTD Light Rail at 18th & California. Additionally, 410 17th Street is close to Union Station, the Civic Center redevelopment and the Colorado Convention Center, which welcomed nearly one million people at more than 210 events in 2018.
JLL’s Capital Markets team representing the seller was led by senior managing director Mark Katz and senior director Peter Merrion.
The JLL Capital Markets team representing the borrower included senior managing director Eric Tupler and senior director Leon McBroom.
“The buyer has some incredible plans of ground floor renovations and amenity enhancements at the building, and we look forward to seeing these transformational improvements take place at 410 17th Street,” Merrion said.
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 a sale, financing, repositioning, advisory or recapitalization execution. 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
SteelWave is a full-service commercial, residential and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 44 years. The company has built a reputation for successful execution by sourcing sound investments in its six key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas. As a vertically integrated leader in the industry, the company sources, entitles, designs, finances, develops, renovates, leases, manages and sells real estate investments on behalf of many well-known institutional clients. In 2015, SteelWave formed a strategic alliance with The Cavallari Group to procure and execute on certain aspects of multi-family and mixed use development and acquisition opportunities. Since its inception, SteelWave has acquired, developed or managed over 125 million square feet of commercial property in the western United States, of which more than 90% has been located in the target markets.
About Rialto Capital Management
Rialto Capital Management, the Sponsor, is a vertically-integrated investment and asset management and operating business with over 435 professionals operating from ten offices throughout the United States and two offices in Europe. Rialto has acquired over 15 million square feet of commercial space and has repositioned and resolved over 2,300 unique real estate properties across all 50 states. Since its inception, Rialto has participated in the investment of over $5.7 billion of equity in real estate assets and CMBS and currently has $7.2 billion of assets under management.