$135.68M refinancing secured for Class A office in Downtown Denver
JLL Capital Markets led financing efforts for 1125 17th St., which has a diversified rent roll and an in-demand amenity package
DENVER, Mar. 15, 2022 – JLL Capital Markets announced today that it has arranged a $135.68 million refinancing for 1125 17th St., a Class A office building totaling 494,689 square feet in Downtown Denver, Colorado.
JLL worked on behalf of the borrower, a joint venture partnership between Hines, Pearlmark and an undisclosed LP, to secure the five-year, floating-rate bridge financing through Deutsche Bank.
1125 17th St. is positioned on half of a city block at the corner of 17th and Lawrence Streets in Downtown Denver. The property is located within Denver’s West CBD submarket at the convergence of LoDo and the central business district, and provides a 24-7 live-work-play environment with numerous walkable retail, multi-housing and sports and entertainment venues all nearby. With a Transit Score® of 98, 1125 17th St. has convenient access to Denver’s Union Station, 16th St. Mall and multiple RTD light rail stops. Additionally, the asset has direct access to Interstate 25 via Auraria and 20th St. on ramps.
At 25 stories tall, 1125 17th St. offers 20,000-square-foot average floorplates, parking for more than 400 vehicles and a Starbucks on the ground level. Additional tenant amenities include a basketball and bocce court, full-service fitness club, juice and smoothie bar, EV car charging stations and lounge with conference space. The property was recently renovated in 2021 and is currently 60% leased to a diverse rent roll spanning many industries, including information technology, healthcare, financial services and energy.
“To align with the changing tenant needs and workplace of the future, the building will also undergo significant renovations,” said Chris Crawford, senior managing director at Hines. “While more details will be announced in the coming weeks, plans include a reimagined front door arrival, a refreshed lobby with a concierge, a new ground floor restaurant as well as a state-of-the-art tenant conference center and exclusive rooftop terrace.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Managing Director Chris McColpin.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet for which Hines provides third-party property-level services.
Founded in 1996, Pearlmark is focused on U.S. mid-cap investments in both equity and debt. Pearlmark’s expertise stretches across various property types in both primary and secondary markets, where the firm is dedicated to creating value via core-plus and value-add areas of the risk return spectrum.