Class A Office Building in Denver’s CBD Street Sells for $127.2M
410 17th Street, a 436,455-square-foot, Class A office building in the Midtown East submarket of Denver’s CBD, recently sold for $127.2 million. The sale a financing is an HFF legacy deal, closed prior to the firm being acquired by JLL on July 1, 2019.
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 percent-leased office tower with typical floor plates 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 has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.