Class A Office Building Sells in Uptown Denver
DENVER – 1660 Lincoln, a 284,604-square-foot, Class A office building in Denver, has sold for an undisclosed amount.
The HFF team represented the seller, Unico Properties, Inc. and procured the buyer. In addition, HFF worked on behalf of the buyer to secure the three-year, floating-rate acquisition loan through ACORE Capital, a leading commercial real estate finance company.
The Class A 20-story office tower is situated at 1660 Lincoln and 1655 Sherman (parking entrance) in the Uptown area of Denver’s central business district, which is within walking distance of more than 100 dining and entertainment options. Additionally, the property has access to multiple modes of transit, including a MetroRide stop across the street, the Civic Center bus station one block south and several protected bike lanes surrounding the property.
1660 Lincoln boasts a WalkScore® of 95, a TransitScore® of 90 and a Bike Score® of 97. Originally built in 1972, 1660 Lincoln underwent a $17 million repositioning in 2016 that included a new lobby and entryway and the installation of an all new-central plant and HVAC systems, among other improvements. The property is currently 70 percent leased to tenants, including Tenant Planning Services, Faction and Trinity Petroleum Management.
The HFF investment advisory and debt placement teams included senior managing director Mark Katz, senior director Peter Merrion and director Leon McBroom.
“1660 Lincoln was very well received in the market due to both the strength of the Uptown submarket along with the outstanding job Unico did in renovating the building’s exterior & interior,” said Merrion. “The buyer has some exciting capital improvements planned at the property, and we look forward to seeing 1660 Lincoln’s continued success in the market.”
Image courtesy of HFF