Colorado-Real-Estate-Journal_292656

Office 6 Industrial 10 Multifamily 16 Retail 20 Finance 24 Law & Accounting 28 CDE News 32 Who's News 48 Growing portfolio DB Capital adds apartments to Denver area holdings INSIDE Multifloor lease Gen II Fund Services will occupy Belleview Station New to NoCo Developers underway on 1M-sf mixed-use project in Johnstown 20 6 17 FEATURED Breaking records Springs asset trades for record price per square foot 12 CONTENTS JULY 20-AUGUST 2, 2022 by Jenna Walters DENVER – A Class A office tower in downtown Denver recently traded hands. Chicago-based real estate investment firm Heitman sold the 22-story office building at 1401 Lawrence St. According to public records, the 309,988-square- foot property traded to PR 1401 Lawrence LLC, an entity related to PGIM Real Estate. Records show the building sold for $233 mil- lion, or approximately $752 per sf. Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Alex Mulvihill with CBRE brokered the transaction on behalf of the seller. Will confirmed the team’s involvement but declined to comment on the transaction, claiming a confidentiality agreement restricted him from doing so. Neither Heitman nor PGIM Real Estate could be reached for comment on the transaction. Completed in 2016, 1401 Lawrence features office and ground-floor retail space. Building ameni- ties include floor-to-ceiling windows with sprawling westward views, an on-site fitness center and manage- ment office, nearly 400 cov- ered parking spaces and conferencing facilities. National law firm Polsi- nelli anchors the building and has prominent signage on the exterior. Other users that list 1401 Lawrence as their office location include Troxel Fitch, Anderson Construction and Thomas Law Group. The sale comes nearly five years after Heitman acquired the building from developer First Gulf Corp., reportedly paying around $223 million in late 2017. s Denver office tower sells for $233 million by Jenna Walters FRONT RANGE – A Den- ver-based real estate invest- ment and development firm recently added two Class A industrial parks totaling approximately 630,000 square feet to its Front Range port- folio. Confluent Development purchased 25 Commerce Park, a three-building park totaling 456,400 sf in Thorn- ton, to be delivered later this year. Additionally, the firm acquired Ken Caryl Commerce Center, another to-be-completed project, fea- turing two buildings total- ing 175,000 sf, at C-470 and South Kipling Parkway in Littleton. Confluent Devel- opment declined to release the sellers and sales prices of each transaction. Todd Witty with CBRE brokered the 25 Commerce Park transaction, while Eric Roth with CBRE brokered the Ken Caryl Com- merce Center transaction. Upon its completion, 25 Commerce Park will feature clear heights ranging from 28 to 32 feet, dock-high and drive-in loading capabilities and more than 200 parking spaces, respectively. Trailer parking also will be available at the park. “These new industrial build- ings in Thornton are well- positioned to serve a range of diverse tenants in the north Denver submarket seeking opportunities to utilize Thorn- ton’s strong labor pool and easy access to the Front Range via Interstate 25 and E-470,” said Witty, who along with Daniel Close of CBRE, man- ages lease transactions for 25 Commerce Park. Cadie Crean , development director at C o n f l u e n t D e v e l o p - ment, com- mented on 25 Com- merce Park’s d e s i r a b l e p o s i t i o n within its north Den- ver submarket: “25 Commerce Center is located in the highly desirable, ever-growing I-25 corridor, known as the north submarket. This submarket has seen massive expansion in the last five years on the heels of Amazon opening its 855,000-square-foot fulfill- ment center in Thornton in July 2018. Access to the labor pool is becoming more and more important, and as the labor force has continued to migrate north in search of attainable housing, this market has attracted national credit industrial users. 25 Commerce Center is well-positioned to Firm acquires 2 Front Range industrial parks The 22-story office building at 1401 Lawrence St. in downtown Denver is under new ownership. Confluent Development recently acquired two industrial parks, including 25 Commerce Park. Cadie Crean Please see Confluent, Page 14

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