CIM Group Acquires LoDo Towers Office Buildings
DENVER— Adding to the company’s Denver Portfolio that Includes 9th & Colorado Redevelopment, CIM Group has acquired LoDo Towers, a two-building office campus located in downtown Denver at 1331 and 1401 17th Street, as well as two adjacent parking garages comprised of approximately 1,140 stalls. The acquisition is CIM’s first in downtown Denver.
1331 is approximately 220,000 square feet and features 13 stories with 17,000-square-foot floorplates. 1401 is approximately 190,000 square feet and features 16 stories with 13,000-square-foot floorplates. The buildings offer unobstructed views of the Rocky Mountains and notable sites in LoDo including Union Station and Coors Field and offer the best parking ratio in the LoDo submarket.
CIM is an owner and operator of real assets including urban residential, commercial, retail, hospitality, debt, and infrastructure investments and associated credit strategies for our own account, and on behalf of our partners and co-investors. The company brings its wealth of experience in managing and repositioning commercial properties in urban markets to this significant asset in downtown Denver. CIM assesses properties within the context of the greater community to ensure that each asset makes a positive contribution to the area.
The company has been actively involved in Denver since 2015 when it acquired the former University of Colorado Health Sciences Center with Continuum Partners to co-develop the 26-acre site into 9th & Colorado, an urban infill mixed-use project. Recently the first retail tenants were announced, including a 10-screen AMC Theatres® that will anchor one of the 12-blocks of the project. Earlier this month, Theo, the first residential component of 9th & Colorado, welcomed its first residents to the 275-unit, nine-story apartment building. A second residential building of 319 units is currently under construction.
Photo courtesy of CIM Group