Cress Capital has acquired The 410, a 24-story Class A workplace constructing in downtown Denver. In collaboration with Denver-based E2M Ventures, Cress had acquired the mortgage on the 440,000-square-foot constructing earlier this 12 months and later negotiated a deed-in-lieu of foreclosures with the earlier proprietor.
Cress Capital declined to touch upon whether or not there was any money consideration, or in that case how a lot, as a part of the deed-in-lieu.
The property is positioned at 410 seventeenth St., inside blocks of the Colorado State Capitol. The constructing and was accomplished in 1977 and renovated in 2021.
The 410 contains a up to date foyer and facilities akin to a health middle, convention and coaching amenities, an outside tenant lounge, a espresso bar and a indifferent eight-story parking construction. As well as, the constructing has almost 35,000 sq. toes of spec suites prepared for quick occupancy.
The constructing is presently slightly below 30 p.c occupancy, Tom Parnell, managing companion at Cress Capital instructed Industrial Property Government.
Gradual Instances a Mile Excessive
Metro Denver’s workplace market was sluggish by way of 2023, with decrease development begins and completions versus 2022 and a unbroken lull in exercise in January of this 12 months, Industrial Property Government reported in March. Additional, the general workplace emptiness remained above than the nationwide common.
One vivid spot was T3 RiNo, a six-story mass timber constructing developed in River North by Ivanhoé Cambridge, Hines and McCaffery. Final November, Xcel Power–Colorado preleased all 220,000-plus sq. toes of workplace area on the property, desiring to occupy it as Xcel’s new regional headquarters beginning in 2025.
