930 15th Street Building Sells for $22.5M, Renovations Planned
DENVER — 930 15th Street, a 12-story, 223,000-square-foot tech building in the heart of Denver’s theater district has sold for $22.5, according to public records.
SteelWave, a full-service real estate management, operating company and investment management firm, and Rialto Capital Management, an investment and asset management company, reportedly acquired the mostly vacant building from CenturyLink (NYSE: CTL). The building will be delivered to the market as new construction space, with features and amenities comparable to ground-up construction.
Formerly an owner-user property, the building will deliver in 2020 and will be one of downtown Denver’s only options for large user requirements – providing previously unavailable large blocks of space to a tight office market. The repositioning of 930 15th Street is the only of its kind in downtown Denver to be undertaken in a decade – the next most recent being the renovation of 1001 17th Street in 2008.
Gensler Architects will lead the design of the building renovation that will include a new exterior glass curtain wall, robotic lift parking infrastructure, and entirely new building systems. Inside, the asset will feature Class AA amenities – a rooftop terrace with a state-of-the-art fitness center and event and conference space; an innovative, collaborative office lobby, complete with bar, lounge and café options and office suites with 13’4” slab-to-slab ceilings, fiber connectivity and completely modernized mechanical systems.
Newmark Knight Frank’s Vice Chairman Tim Harrington, Director Jon Tilton, Director Jenn Chavez and Associate Eddie Kane are appointed to lead the repositioning marketing and leasing efforts as planning and construction begin at the building.
930 15th Street stands to add critical mass to a tight market through space availability that few others can offer. Additionally, the property will deliver in a time of need, as square footage deliveries are expected to slow to 500,000 square feet annually in 2019 and 2020, compared to the 1,700,000 square feet delivered in 2018, alone. Additionally, despite high asking rates, new product delivery in Denver has been consistently well-received, with new inventory delivered between 2014 and 2018 93 percent leased.