Seattle-based private real estate investor and operator Unico Properties has purchased two office buildings, located in Denver’s LoDo submarket, for $85.5 million. ASB Real Estate Investments (ASB) completed the disposition on behalf of its Allegiance Real Estate Fund, a $7.4 billion core investment vehicle.
“The sale is part of ASB’s portfolio strategy to strategically and selectively reduce office exposure and increase investments in industrial and apartment assets,” said ASB’s Chief Investment Officer David Quigley.
The sale properties are:
- 1755 Blake St., is a LEED-certified, five-story, 112,943-square-foot brick building. Built in 2008, this property includes a two-story stone and glass appointed lobby, first-floor retail, on-site athletic facility, and underground parking. Conveniently located with two blocks of Union Station, 1755 Blake offers tenants numerous amenities including restaurants, hotels, health clubs, and residential options.
- 1515-1527 Wazee St., is a historic, five-story Hardware Block constructed in 1895—totaling 170,472-square feet of space.
The buildings are a short distance from Denver’s Union Station. ASB acquired the assets in 2013 for $69.8 million.
ASB continues to own Colorado Center, the one-million-square-foot office complex located between downtown and the Denver Tech Center at 2000 South Colorado Boulevard, in a joint venture with Lincoln Property Company.
JLL marketed the property on behalf of ASB. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.
