Leading real estate investment advisor EverWest Real Estate Investors has sold its creative workspace property Junction 23, a creative redevelopment completed by the company in the heart of Denver’s RiNo. Connecticut-based Ivy Realtypaid $26.35 million, according to public records.
Junction 23 is located at 2323 Delgany St., at the corner of Park Avenue and Delgany Street, and within walking distance to Denver’s central business district, Lower Downtown (LoDo) neighborhood, Union Station, and dozens of restaurants and retailers. The building is 100 percent leased to Denver7 (KMGH), owned by the E. W. Scripps Company, for 15 years.
The project represents a 12-month renovation by EverWest that in 2019 converted a 1975-built industrial building into 86,127 square feet of award-winning creative workspace.
“Junction 23 underscores EverWest’s skill in acquiring, repositioning, and leasing highly desirable projects that reflect the latest in modern workspace requirements,” said Larry Lance, EverWest’s senior managing director and head of development. “It has been a pleasure to be a part of the creation of Junction 23, which offers such a dynamic downtown location and work environment for its long-term, full-building tenant.”
Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and a 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights, and energy-efficient LED lighting.
Additional on-site amenities include a fitness center with showers and locker rooms, and bike storage.
John Jugl of Newmark represented EverWest in the sale. The buyer was not represented.
The property is a short drive to I-25 and Denver International Airport. It is part of an emerging infill live-work-play environment spanning the downtown, RiNo and LoDo communities.
EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.