Joint Venture Sees Value in 12-story Office Tower in Downtown Denver
DENVER — Belay Investment Group, LLC (“Belay”) and Harbor Associates, LLC (“Harbor”) have acquired Capitol Center, a twelve story, mid-century office tower attached to a historic, two story building, totaling 166,000 square feet located at 225 E. 16th Ave. in Uptown Denver.
As part of the transaction Belay and Harbor also acquired 700 N Central is an eight story, 136,000-square-foot office building located in Glendale, California.
Belay’s investment comes from Belay Partnership Ventures II, LP (the “Fund”), which was capitalized by the California State Teachers’ Retirement System (CalSTRS). Belay pursues value-added real estate strategies in major U.S. markets through collaborative investment programs designed to identify and support the growth and evolution of high caliber operating partners.
“We are looking forward to teaming up with Harbor to complete the value-add repositioning of 700 N Central and Capitol Center. Both properties present us with an opportunity to make strong risk-adjusted returns through strategic renovations that focus on improving the tenant experience in partnership with an experienced sponsorship team in markets that we believe have significant room to grow,” says Eliza Bailey, managing principal for Belay.
Harbor Associates, LLC is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. The three Principals of Harbor collectively have over 30 years of experience in Denver and Southern California.
“We are thrilled to be teaming up with Belay to purchase these two assets. It expands our company’s presence in Los Angeles to over 750,000 square feet and downtown Denver to over 275,000 square feet. We are looking forward to the future growth we can achieve through our strategic partnership with the Belay team,” says Justin Loiacono, principal for Harbor.