INSIDE 18 6 FEATURED 20 CONTENTS FEBRUARY 19-MARCH 4, 2025 Office 6 Industrial 14 Multifamily 18 Retail 20 Finance 33 Law & Accounting 38 CDE News 40 Who's News 62 14 Discounted office SF Partners acquires Vista 25 campus for $9.16 million Industrial portfolio Good Investment Partners buys Compark industrial portfolio Luxury apartments Colrich Multifamily purchases 248unit Courtney Park community Neighborhood retail Local private partnership buys Virginia Village shopping center by Avalon Jacka DENVER – A Bostonbased financial services firm purchased a 324-unit luxury apartment community near Denver International Airport from an Atlanta-based multifamily owner and operator in January. Bel Green Valley LLC purchased Cortland at Green Valley, located at 5650 N. Argonne St., from Argonne CO Partners LLC for $99 million, or $305,556 per unit, or $336.82 per square foot, according to Apartment Insights. The buyer entity is affiliated with Eaton Vance Management, and the seller entity is associated with Cortland Partners. The buyer has rebranded the property as The Argonne, according to the community’s website. The Argonne is managed by Greystar Management Services, the website said. Walker & Dunlop’s Dan Woodward, David Potarf, Jake Young and Matt Barnett represented the seller in the transaction. The team declined to comment on the sale. Built in 2019, the 291,943sf garden-style community includes a mix of one- and two-bedroom units averaging 901 sf. The Argonne, which includes 13 three-story buildings on 16.64 acres, is currently 93% leased, according to Apartment Insights. Units feature linen closets, Eaton Vance purchases luxury community by Avalon Jacka SUPERIOR – A Class A office campus near the McCaslin Boulevard-Rock Creek Parkway intersection found a new owner in January. Tailwind Partners LLC acquired Superior Pointe, located at 1000-1100 S. McCaslin Blvd., from CIO Superior Pointe LP for $12 million, according to SKLD Information Services. The seller entity is affiliated with Second City Real Estate, according to Boulder County public records. Second City is a private equity real estate firm that contributed the initial properties to City Office REIT, its website said. Built in 2000, Superior Pointe includes two multitenant buildings totaling 157,257 square feet. The three-story building at 1000 S. McCaslin measures 89,032 sf, and the two-story building at 1100 S. McCaslin Blvd. measures 63,080 sf. The property was 69% leased at the time of sale. Superior Pointe offers flexible spaces and expansion opportunities, enabling business growth for its tenants. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield were the listing brokers for the property, representing the seller in the transaction. The team de c l i ned to comment on the transaction. The Colorado Group’s David Hart and Savannah Reese Hart represented both the previous and current ownership for leasing opportunities within Supe r i or Pointe and helped to facilitate the sale of the asset. The buyer will now welcome medical tenants alongside the traditional professional office tenants, creating a diverse mix of uses within the property. “Superior Pointe is truly a special project, positioned up against over 640 acres of open space with incredible views to the Flatirons,” a statement from The Colorado Group said. “It offers its tenants incredible visibility, identity and accessibility, setting it apart from its competitors. We look forward to our continued involvement in helping to achieve the new Superior Pointe trades hands for $12 million Walker & Dunlop The Argonne, formerly known as Cortland at Green Valley, includes a mix of one- and two-bedroom units in 13 three-story buildings. The multitenant Superior Pointe office campus, located at 1000-1100 S. McCaslin Blvd., was 69% leased at the time of sale. Please see Argonne, Page 24 David Hart Savannah Reese Hart Aaron Johnson Jon Hendrickson Please see Superior, Page 16
Page 2 - February 19-March 4, 2025 www.crej.com COLLIERS DENVER 4643 S. Ulster Street, Suite 1000 | Denver, Colorado 80237 303 745 5800 | colliers.com/denver This communication has been prepared by Colliers Denver for advertising and/or general information only. Colliers Denver makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers Denver excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers Denver and/or its licensor(s). © 2025. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. JACK OCTIGAN Property Manager +1 720 833 4634 jack.octigan@colliers.com DELILAH HAGERTY Director of Operations +1 303 283 4584 delilah.hagerty@colliers.com BRAD CALBERT, ULI, NAIOP President +1 303 283 4566 brad.calbert@colliers.com Maximize the potential of your assets. Contact us today to learn how our team of experts provide exceptional property management services for industrial, ofƥce, and retail assets in the Front Range. Colliers Denver Property Management 18 Million Square Feet, One Trusted Partner. Driving Efƥciency, Maximizing Potential. 18M SF Personalized management and accounting services, ensuring eɝciency and tailored solutions across our 18 million SF portfolio. Our services include onsite management, construction management, leasing, and more. Proȴcient in industry-leading platforms like Yardi Voyager, Yardi Breeze, Skyline, Avid, and Kardin— maximizing operational potential and ȴnancial accuracy across all asset types. 1,000 TENANTS 25+ YEARS Call or Email for a FREE consultation. Consolidated leasing and management services create a streamlined approach, driving eɝciency and enhancing communication for owners, tenants, and stakeholders. Dedicated research team delivering market insights and expertise, helping our clients make informed decisions that optimize the value of their real estate investments.
February 19-March 4, 2025 - Page 3 www.crej.com JLL Denver Capital Markets 1225 17th Street | Suite 1900 Denver, CO 80202 us.jll.com/denver JLL Denver Capital Markets 2024 Production Volume Total Transactions by Business Line 49% 45% 7% Volume ($) Transactions Debt Financing $3,007,733,274 95 Investment Sales $2,777,354,737 70 Equity Placement $406,689,734 6 Totals $6,191,777,745 171 Total Transactions by Product Type 17% 63% 3% 8% 3% 4% 2% 0% Volume ($) Transactions Living / Multi-housing $3,876,383,618 88 Industrial & Logistics $1,070,790,741 30 Office $487,769,000 14 Retail $259,423,996 18 Healthcare $213,264,232 10 Hotels & Hospitality $158,313,158 6 Land $118,500,000 4 Special Purpose Facility $7,333,000 1 Grand Total $6,191,777,745 171 JLL Denver Capital Markets Transacted On of Volume Across 171 Deals $6.2 BILLION To all of our clients for making 2024 an exceptional year for JLL Denver Capital Markets. Thank You To get in touch with one of our professionals SCAN HERE Leon McBroom Senior Managing Director Denver Oȥice Co-Head Eric Tupler Executive Managing Director Tony Nargi Senior Managing Director Mark Erland Managing Director Kristian Lichtenfels Managing Director Rob Bova Director Will Haass Director Kevin Barron Director Jordan Robbins Senior Managing Director Wick Kirby Managing Director Alex Possick Director Peter Merrion Senior Managing Director Denver Oȥice Co-Head Rob Key Director Jason Schmidt Managing Director Austin Snedden Director Chris Musselman Director Mark Katz Senior Managing Director Hilary Barnett Senior Director Larry Thiel Managing Director Sean Whitney Senior Director Brian Shanfeld Senior Managing Director DEBT & EQUITY PLACEMENT INVESTMENT SALES Multifamily Oȥice Industrial Retail Land Corporate Capital Markets & Net Lease
Page 4 - February 19-March 4, 2025 www.crej.com SM FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONS INDUSTRIAL LAND MULTIFAMILY OFFICE RETAIL PRIVATELY-OWNED AND OPERATED FOR 40 YEARS 8450 Rosemary St Commerce City, CO 80022 8,980 RSF • INDUSTRIAL WAREHOUSE Lease Rate: $15.00 /RSF NNN • Available April 2025, possibly sooner • Radiant Heat & Swamp Coolers in Warehouse • Close to I-76, Highway 85, and Highway 2 • With two drive-ins & dock well 303.512.1162 Phil Yeddis Visit our website to subscribe to our “First Look” mailing list, analytics and more! 303.321.5888 www.uniqueprop.com 5107-5135 Emerson St Denver, CO 80216 LARGE DEVELOPMENT LOT Sale Price: $4,995,000 • Located in a QCT and DDA • Adjacent to the multi-billion dollar National Western Stock Show development. • Located on the hard corner. • Could build up to 7 stories with affordable housing. 303.905.5888 Marc Lippitt & Justin Herman 1915 & 1919 E Colfax Ave Denver, CO 80206 5-STORY DEVELOPMENT LOT / POSSIBLE OWNER FINANCE Sale Price: $2,800,000 • Located within Enterprise Zone • Active Demolition Permit | Expires July 2029 • Permissive zoning | Build Up to Five Stories • Potential to add density with more affordable housing 303.905.5888 Marc Lippitt & Justin Herman 15 E Iowa Ave Denver, CO 80210 SELLER FINANCING AVAILABLE! • 2nd Єoor Shell Condition - Ready for Buildout • Lighted Hard Corner along South Broadway and East Iowa Ave • 32,000 VPD • Owner/User or Investor with Upside 303.512.1197 Sam Leger & Graham Trotter Sale Price: $2,750,000
February 19-March 4, 2025 - Page 5 www.crej.com 303.962.9555 One Broadway Suite A300 | Denver CO 80203 www.PinnacleREA.com Delivering innovative real estate solutions that are client-centric and relationship-focused COMMERCIAL REAL ESTATE - FEATURED PROPERTY Pinnacle Real Estate Advisors, LLC, the largest locally owned commercial real estate brokerage in Colorado, is thrilled to announce the addition of Wade Fletcher to our team as Vice President. With over 16 years of experience in the land sales industry, including prominent roles at Newmark and Cushman & Wakefield, Wade brings a wealth of expertise in land transactions, particularly in urban infill, multifamily, and mixed-use development opportunities. His strong analytical skills, negotiation expertise, and commitment to client service make him an invaluable addition to the Pinnacle team. “Wade is recognized as one of the top land advisors in Colorado and the Rocky Mountain region. Pinnacle is excited to bring Wade’s professionalism to the firm. We look forward to leveraging his land and development expertise alongside our team of 55 brokers who cover all commercial property types, including multifamily, industrial, retail, and office brokerage,” said RC Myles, President. “We are thrilled to welcome Wade to the Pinnacle team. His proven track record in land transactions aligns perfectly with our mission to provide exceptional advisory services and results for our clients. Wade will be instrumental in expanding our land division and continuing our growth as Colorado’s leading locally owned commercial real estate brokerage,” added Jessica Graham, Managing Director. Pinnacle Real Estate Advisors Welcomes WADE FLETCHER RECENTLY SOLD PROPERTIES $8,520,000 3445 S Downing Street Englewood, CO $42,000,000 1140 Cannon Street Louisville, CO $5,460,000 1123 Auraria Parkway Denver, CO $1,150,000 5500 & 5540 West 29th Avenue Wheat Ridge, CO $13,500,000 7135 Raleigh Street Westminster, CO LIST PRICE: $19,750,000 CAP RATE: 7.73% PROPERTY DESCRIPTION Address 12300 Grant Street | Thornton, CO 80241 Building Size 144,024 SF Site Area 9.9 Acres Zoning Business Park YOC/Renovation 1977 / 2008 / 2024 INVESTMENT HIGHLIGHTS Established Tenants Substantial Infrastructure/Heavy Power Key Location RC Myles, CCIM, SIOR 303.947.7850 Esther Kettering, MBA 303.956.0444 100% LEASED | TWO-TENANT, HIGH-TECH MANUFACTURING INVESTMENT OPPORTUNITY Wade Fletcher Vice President 12300 GRANT STREET THORNTON, COLORADO 80241
Page 6 - February 19-March 4, 2025 www.crej.com Office by Avalon Jacka GREENWOOD VILLAGE – A Miami-based real estate investment firm acquired an office campus in the Denver Tech Center. SF Partners LLC purchased Vista 25, located at 8100-8300 E. Maplewood Ave., from California-based Harbor Associates for $9.16 million, according to Arapahoe County public records. Larry Thiel of JLL represented the seller in the transaction. Harbor Associates bought the campus for $17.93 million in 2019, according to county records. The buyer was attracted to the “very nice property” due to its professional tenants and its prime location off Interstate 25, according to SF Partners principal and President Daniel Stuzin. “The price was just too good to pass up based on the buildings that we purchased,” Stuzin said. Positioned in the southeast submarket, Vista 25 totals 197,991 square feet across three buildings. The buildings feature covered executive parking, floor-to-ceiling windows and unique design elements, according to SF Partners’ website. Several common areas, including two conference centers, a high-end fitness center with lockers and showers, and outdoor amenity spaces, were recently renovated. The property is proximate to Fiddler’s Green Amphitheatre, the Arapahoe Entertainment District and numerous transit options. SF Partners plans to build out spec suites and offer turnkey suites for tenants, according to Stuzin. The buildings themselves and the surrounding areas are “in pretty good shape,” Stuzin noted. The property was 54% occupied at the time of sale, Stuzin said, noting the firm believes the vacancy issues are short term in nature. SF Partners focuses on acquiring multitenant suburban office and flex product in select markets across the U.S. The firm also owns Yosemite Office Plaza, located at 3600 S. Yosemite St. in Denver’s Hampden South neighborhood. SF Partners owns and operates additional properties in Florida, Georgia, Pennsylvania and Virginia. Its portfolio totals 1 million rentable sf. s SF Partners acquires Vista 25 office campus for $9.16 million by Avalon Jacka LONE TREE –A local firm acquired an office building northeast of the Interstate 25-Lincoln Avenue interchange in a Ten-X auction. ICR Inc. purchased ParkRidge One, positioned on 10.68 acres at 10475 Park Meadows Drive, from GC Net Lease Lone Tree Investors LLC for $8.4 million, according to Douglas County public records. Based in Aurora, ICR Inc. provides engineering and operational solutions for the intelligence and defense sectors, according to its website. CBRE’s Chad Flynn, Chris Cowan, Charley Will and Jenny Knowlton, along with Newmark’s Tim Richey, represented the seller in the Ten-X auction. The team did not respond to a request for comment on the transaction. Built in 1999, the six-story, 166,708-square-foot ParkRidge One features floor-to-ceiling glass, continuous glass lines, 9-foot finished ceilings, efficient floor plates, mountain views, and direct elevator access from covered executive parking spaces, according to marketing materials. The property was vacant as of July 2024. The property is situated between two light-rail stations along Interstate 25, providing connectivity to the greater Denver metro area and Castle Rock. The property is proximate to RidgeGate, Park Meadows Mall, Denver Marriott South Hotel and more, offering a strong neighborhood amenity base. The building is the second ParkRidge office building to sell at a Ten-X auction in recent months. Greenwood Village-based Kore Investments acquired the 192,694sf ParkRidge Four, located at 10375 Park Meadows Drive, for $18 million in September, according to previous reporting. s ICR Inc. buys ParkRidge One in Tex-X auction for $8.4 million SF Partners The 197,991-square-foot Vista 25, located at 8100-8300 E. Maplewood Ave., features three buildings with recently renovated common areas.
February 19-March 4, 2025 - Page 7 www.crej.com Bob Amter bob@montegra.com Kimberly Skari kim@montegra.com 2021
Page 8 - February 19-March 4, 2025 www.crej.com From the construction of tenements in the 1800s to the highrise steel and concrete luxury residential towers built today, for-rent housing has come a long way. But one constant is the use of wood to build rental housing. Over the years, architects and engineers have pushed the limits of continued demand for housing, escalating construction prices and the ability to achieve even higher densities under the recent IBC, we don’t anticipate the number ability to design a podium building based on the overall building height. Podium buildings will no longer be restricted to only one level of podium structure below the podium deck. This gives designers the ability to design a seven-story, midrise building with five levels of wood-frame out of the ground to save the cost of building subterranean, which is typical in traditional podium designs. Another option would be to leave the subterranean parking, which allows an additional level of residential units within the concrete portion of the structure, thus increasing density. Both options will change Photography © Brad Nicol The 2015 International Building Code offers wood-frame construction the ability to design a podium building based on the overall building height. Podium buildings will no longer be restricted to only one level of podium structure below the podium deck. October 2015 New wood-frame codes allow for more flexibility Nathan Sciarra, 1536 Cole Blvd., Building 4, Suite 300, Lakewood, CO 80401 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 jstern@crej.com All rights reserved. No part of this publication may be stored, reproduced, or transmitted in any form or by any means without the publisher’s prior written permission. All contributed articles published in the Colorado Real Estate Journal represent solely the individual opinions of the writers, and not those of the Colorado Real Estate Journal. REPORT AN ERROR IMMEDIATELY (ISSN 1060-4383) Vol. 34 No. 4 www.crej.com EDITORIAL CONSULTANT: Jill Jamieson-Nichols PRODUCTION/GRAPHIC DESIGN: Heather Lewis ext.108 hlewis@crej.com CREJ CONFERENCE SERIES: Jon Stern ext.101 jstern@crej.com ADVERTISING: Lori Golightly ext.102 lgolightly@crej.com CUSTOMER SERVICE: Jolene Wollett ext.103 jwollett@crej.com EDITORIAL Avalon Jacka, Reporter Sales, Lease and New Development Projects: Office, Industrial, Multifamily, Retail, Health Care, Senior Housing, Hotel, Land Finance Transactions ext.107, ajacka@crej.com Kris Stern Associate Quarterlies Publisher: Office & Industrial Properties, Retail Properties, Multifamily Properties, Property Management, Health Care, Senior & Life Sciences Editor: Construction, Design & Engineering News; Property Management News; Who’s News; and Expert Articles, including Law, Accounting and Finance Publisher: Building Dialogue ext. 109, kostern@crej.com MARKETING Lori Golightly, Director of Client Services Advertising: Print & Digital Conferences: Exhibitor/Sponsor Information ext. 102, lgolightly@crej.com Office by Avalon Jacka DENVER – A state agency will move its office within downtown, consolidating two locations into one smaller space. The Colorado Department of Labor and Employment will move one block northwest to 707 17th St. from its current offices at 633 and 621 17th St. following a new lease deal in January. JLL represented CDLE in the deal with landlord Brookfield Properties. The lease will commence in November and runs through October 2040. The new space at 707 17th totals 131,166 square feet, while the current spaces at 633 and 621 17th St. measure 184,564 sf and 11,689 sf, respectively. The move represented a 33% decrease in CDLE’s office footprint. “Our 65,087-square-foot reduction in office space aligns with the state’s goal to reduce its footprint,” a spokesperson for CDLE said in a statement. “Hybrid and remote work opportunities were also a determining factor in reducing our footprint. CDLE follows a flexible work arrangement policy to continue the state’s efforts in becoming an employer of choice by enhancing work-life flexibility while maintaining productivity and efficiency in our workplaces.” CDLE employees work out their flexible work arrangements – including how many days the employee is required to work on-site based on appropriate business needs – with their direct supervisor, according to the spokesperson. Remaining downtown was important to the department to reduce impact on staff, the spokesperson said. With the new space positioned directly across the street from CDLE’s current office, employees can use the same light-rail and bus routes to get to the office. Along with the building’s location, CDLE was attracted to the 707 17th building because it has available space on the ground level that CDLE will use for its centralized customer service center, currently located on the ground level of 621 17th St. The lease agreement includes tenant improvements, a CDLE spokesperson said. Brookfield selected Stantec as the architect for the build-out. The 42-floor, 560,000-sf building at 707 17th St. features a fitness center with towel service, showers and lockers; a state-of-the-art conference center with 100 seats; a 30,000-sf outdoor plaza with seating and Wi-Fi connectivity; parking for 100 bicycles; and a Hilton hotel on-site, featuring a Starbucks, according to Brookfield’s website. There are also multiple dining options within a block of the building. The building has attained multiple certificates and awards. s CDLE moves office across street, decreasing total footprint by Avalon Jacka FRONT RANGE – A global hybrid work solutions provider is adding new coworking centers across the Denver metro area as the adoption of hybrid work continues to accelerate around the country. International Workplace Group will open eight state-ofthe-art locations under the Regus, HQ and Spaces brands by the end of 2025, bringing the company’s statewide footprint to 49 locations. A Regus space at 1109 Oak Park Drive in Fort Collins and a Spaces location at 1911 11th St. in Boulder are now open. A pair of Regus locations at 400 W. 48th Ave. in Denver and 8450 E. Crescent Parkway in Greenwood Village, as well as a pair of HQ spaces at 5200 DTC Parkway in Greenwood Village and 7655 W. Mississippi Ave. in Lakewood, are expected to open in the first quarter. A Regus space at 3900 S. Wadsworth Blvd. in Lakewood is anticipated to open in the second quarter. The last of the new spaces to open will be a Regus location at 455 Sherman St. in Denver in the fourth quarter. The new locations will provide space for established firms and start-ups from a range of industries, including bioscience, infrastructure engineering, technology and information, financial services, transportation and logistics, and more. Through IWG’s Design Your Own Office service, companies can tailor their space to meet their requirements. The owners of the buildings invested in the IWG platform to “maximize the return on their real estate space by capitalizing on the rapidly expanding demand for hybrid working,” a statement from IWG said. IWG provides partners with access to its expertise, design and fit-out support, and sales and marketing capabilities, with an annual investment of approximately $65 million. As companies of all sizes continue to adopt hybrid working for the long term, 30% of commercial real estate is expected to be flexible workspaces by 2030, according to IWG. IWG has more than 1,500 workspace centers in all 50 states and 4,000 centers in 120 countries. The company added more than 800 new partner locations in 2023. Members have access to all locations and businesses through the IWG app. IWG recently posted its highest-ever global revenue, cash flow and earnings growth in its 35-year history. Other News n FORT COLLINS – An insurance brokerage firm will relocate its Fort Collins office into a new space following a recent lease deal. AssuredPartners of Colorado is expected to move into its 5,122-square-foot space in The Preston Center, located at 2809 E. Harmony Road, in March. The building is approximately 1.5 miles from AssuredPartners’ current office space at 2002 Caribou Drive. CBRE facilitated the lease, which was executed in July, for both parties. AssuredPartners was represented by CBRE’s Pete Kelly. Landlord Brinkman Real Estate was represented by CBRE’s Peter Kast and Tomoko Olson. Design, development and permitting began immediately following the lease execution, and construction on tenant improvements began in November. Dohn Construction is serving as the general contractor for the buildout, and Alm2s is the architect. The Preston Center is a threestory, 57,287-sf Class A suburban office building positioned along East Harmony Road’s commercial hub. The building features modern amenities and ample parking and is walkable to numerous retailers, restaurants IWG adds 8 coworking locations under Regus, HQ, Spaces Please see AssuredPartners, Page 10
February 19-March 4, 2025 - Page 9 www.crej.com 6500 W. 29TH ST., STE. 201 • GREELEY, CO 80634 SALE PRICE: $2,550,000 ($234.25 SQ FT) AVAILABLE: 10,886 SQ FT NEARBY UCHEALTH GREELEY CAMPUS ST. MICHAEL’S TOWN SQUARE CONDO FOR SALE Gage Ostho , Managing Broker/Partner 970.396.5166 Nick Berryman, Broker/Partner 970.396.0853 Reed Sedinger, Broker 970.342.8756 FOR SALE 3308 37TH STREET • EVANS, CO 80620 LEASE RATE: $32.00 - $36.00/SQ FT NNN (EST. $10.50/SQ FT 2025) AVAILABLE: 1,200 - 8,736 SQ FT HUNTERS RESERVE PLAZA DRIVE-THRU AND COVERED PATIO AVAILABLE UNDER CONSTRUCTION - DELIVERY Q2 2025 Gage Ostho , Managing Broker/Partner 970.396.5166 CHECK OUT THESE AMAZING PROPERTIES IN NORTHERN COLORADO! WE KNOW NOCO. THREE OFFICES SERVING NORTHERN COLORADO FOR OVER 30 YEARS WE KNOW NOCO. Greeley 970-346-9900 Fort Collins 970-229-9900 Loveland 970-593-9900 LAND • RETAIL • INDUSTRIAL • MULTIFAMILY • OFFICE • INVESTMENT VIEW ALL OF OUR LISTINGS AND GET MARKET INFO AT WWW.REALTEC.COM! Featured Properties FOR LEASE
Page 10 - February 19-March 4, 2025 www.crej.com Office In an industry of standards, it's our differences that make us Sparkle. If we can help with anything at all, please contact Sparkle@VivrantClean.com or 303.829.2599 for listening, and stopping by our booth at the CREJ Property Management Conference. We hope to see you all again, and that you enjoy a prosperous 2025. Thank You by Avalon Jacka DALLAS – A Dallas-based commercial real estate services and investment firm announced it will acquire a flexible workplace solutions provider. CBRE Group Inc. agreed in January to acquire Industrious National Management Company LLC. Since 2020, CBRE has invested in Industrious through an approximately 40% equity interest and a $100 million convertible note. CBRE will acquire the remaining equity stake for approximately $400 million. CBRE will also create a new business segment called Building Operations & Experience, led by Jamie Hodari, Industrious CEO and co-founder. Hodari will also act as CBRE’s chief commercial officer, responsible for marketing and branding activities across all CBRE businesses. “The global economy needs physical spaces to make it hum – safe and efficient logistics centers for our goods, magnetic offices for our teams, and secure and resilient data centers for our information,” said Hodari. “Running these spaces with excellence requires sophistication at scale. I have found CBRE to be second to none in this respect, and I’m thrilled to be joining – not just because of how great it already is, but because of the opportunity ahead of us. I believe the new Building Operations & Experience segment will transform how buildings are operated, creating immense value for building users and owners.” The new segment will unify building operations, workplace experience and property management, consisting of CBRE’s Enterprise Facilities Management, Local Facilities Management, Property Management and Industrious. CBRE’s entire 7 billion-square-foot global property and corporate facilities management portfolio comprises the segment. In 2024, it produced approximately $20 billion of combined revenue. Industrious is known for its asset-light business model that emphasizes partnership agreements, driving alignment with property owners. Since 2021, the company’s revenue has grown at a compound annual rate of more than 50%, and its footprint has grown to more than 200 units across more than 65 cities. Industrious has three locations in Colorado, at 1801 California St. in Denver’s central business district, 2128 W. 32nd Ave. in Denver’s Lower Highland neighborhood, and 1919 14th St., adjacent to Pearl Street Mall in Boulder. s CBRE acquires Industrious, creates new business segment and hotels. The asset is located approximately 2 miles from the Interstate 25-East Harmony Road interchange. n DENVER – A Colorado-based development management firm leased a new office space in Cherry Creek. The Wells Partnership Co. signed a lease for 3,703 sf of office space at Ptarmigan at Cherry Creek, located at 3773 Cherry Creek North Drive. The building’s amenities include a fitness facility, a conference room, a training room, a loading dock, day porter janitorial services and a Daz Bog coffee shop. Amanda Tompkins of Henry Group Real Estate represented the tenant in the transaction, and Michael Pavlakovich of Cushman & Wakefield represented the landlord, which is listed as HTDPtarmigan Place LLC on Denver County public records. The Wells Partnership specializes in development management, owner representation and real estate advisory services. Its team has experience in design, construction and real estate finance. n PARKER – An automotive service operator leased a flex/ office space in the Creekside neighborhood. Automotive Operations Group LLC leased 1,365 sf at 18648 Longs Way from Vakantie Holdings LLC. Built in 2007, the fully sprinklered property features 400amp, 3-phase power and 9-foot clear height, according to a leasing brochure. Trevey Commercial Real Estate facilitated the lease. Trevey’s Heath Honbarrier helped the landlord backfill the unit with no downtime. Trevey’s Tommy Daher helped the tenant secure a long-term lease to use the space as its company office. Founded in 2006, Automotive Operations Group operates Grease Monkey franchises across Colorado, and Family Tire Pros franchises in Colorado, California and Indiana, according to its LinkedIn page. n METRO DENVER – The Denver coworking market demonstrated growth in fourth-quarter 2024, according to a recent quarterly report on the industry. The Denver market added four coworking spaces by the end of the quarter, bringing the total to 232 total spaces in the metro area, according to research from CoworkingCafe. The growth equates to a 2% growth quarter over quarter. The national market saw a 2% increase from the previous quarter, reaching 7,695 spaces. The Denver market added 29 coworking spaces from fourthquarter 2023 to fourth-quarter 2024, a 14% increase year over year. The Denver market’s total square footage dropped by 3% from the previous quarter, falling from 3.66 million sf in the third quarter to 3.55 million sf. The average square footage dropped as well, highlighting the market’s preference for smaller coworking spaces; The average square footage decreased by 5% quarter over quarter from 16,086 sf in the third quarter to 15,303 sf in the fourth quarter. s Assured Partners Continued from Page 8 Amanda Tompkins
February 19-March 4, 2025 - Page 11 www.crej.com Denver Union Station, The Oxford Hotel & The Crawford Hotel hosting Community Celebration for Dana Crawford on Sunday, Feb. 23rd Denver Union Station, The Crawford Hotel, The Oxford Hotel and the Crawford family will commemorate the remarkable legacy of renowned Denver urban preservationist Dana Crawford with a Community Celebration on Sunday, Feb. 23rd. The event will be held from 2 p.m. – 5 p.m. in the Great Hall at Denver Union Station and will include memories shared by Crawford family members and Colorado dignitaries. The event will feature a jazz band, a video tribute and more. A Denver brass band will lead a traditional New Orleans-style parade between the outdoor plaza at Denver Union Station and The Oxford Hotel along 17th Street. Open to all, attendees are encouraged to register in advance here. Crawford passed away last month at the age of 93. She was an award-winning preservationist who initiated a concept of urban renewal that was one of the first of its kind in the United States. She pioneered the redevelopment of Denver’s historic Larimer Square in the mid 1960s, creating a leading shopping and dining district from the neglected and abandoned buildings on Denver’s original main street. Crawford was a member of the team that revitalized The Oxford Hotel in the 1980s. Originally opened in 1891, the award-winning LoDo hotel continues to welcome guests to its 80 uniquely decorated guest rooms, the Cruise Room and steakhouse Urban Farmer. She was also a member of the Union Station Alliance, who led the efforts to revitalize Denver Union Station. Originally opened in 1881, the Denver’s landmark train station reopened to great fanfare in July 2014 after a $54 million renovation that included the creation of The Crawford Hotel, which was named in her honor. Denver Union Station completed an extensive refresh last year, including updates to the soaring Great Hall, the Cooper Lounge and a luxurious redesign of each of the hotel’s 112 guest rooms. At the event, donations will be accepted in support of the Union Station Foundation, which has the mission of cultivating long-term partnerships to support Denver Union Station as a gathering place, preserving downtown Denver’s rich history, sustaining the environment and enhancing the local education system. For more information on the Dana Crawford Community Celebration, please visit www.denverunionstation.com/events/dana-crawford-celebration-of-life/
Page 12 - February 19-March 4, 2025 www.crej.com The commercial real estate industry lost a legend with the recent passing of Dana Crawford. Below are reflections from some of those of you who had the good fortune to cross paths with this Denver real estate pioneer I first met Dana in 1987, and we had a rough start. I was the new director of the Denver Urban Renewal Authority, an organization that (in the past) had torn down many historic buildings in downtown. Dana hated DURA, and I have to say that I agreed with her on a lot of the past action of the agency that followed the 1965 federal approach to removal of “slum and blight.” In many downtown areas, including Denver, that mandate was interpreted to clearing buildings and starting over with empty sites for development. It took a bit of time for her to accept that we were a new DURA and that we shared her passion for preservation of these buildings. The “new DURA” was the result of Mayor Federico Peña’s leadership in replacing the older white bankers who dominated the DURA board with younger, more progressive people who cared about preservation of downtown’s heritage. I clearly had to prove to her that there was a change in the philosophy of DURA, and eventually Dana and I became friends and worked to support each other’s work over the years. In 1990, amidst the impacts of the savings-and-loan crisis, and the oil-and-gas bust that had immense impacts on downtown Denver, the historic Central Bank building was caught up in a bad real estate transaction and the lender foreclosed on the loan and demanded that it be torn down. Mayor Peña challenged that demolition order in court while Dana and I organized a group of people to surround the building with a human chain to stop the demolition equipment. We lost that treasured building to our dismay, and the parking lot that replaced it is still a parking lot today. This experience tightened our bonds, and we continued to work together on other important buildings that needed someone to love and protect them. In 2015 we jointly created MAAH-Mothers Advocate for Affordable Housing. We reached out to all of the women we knew, from multiple generations, and asked them to show up at City Council meetings to support funding for affordable housing and to support controversial developments. Women showed up, and it did make a difference. We got into “good trouble,” as John Lewis would call it, on a number of other issues. She was a remarkable role model for women in Denver, and I miss her voice and leadership. – Susan Powers, Urban Ventures LLC Dana’s projects are well known and documented, but her real legacy is in how she came to change the very direction of Denver through the thousands of individual conversations she shared with so many of us. She challenged us to think and act, love and cherish our history in direct opposition to the momentum that nearly eradicated our city. She took us on an amazing journey that changed the entire physical, economic, social and spiritual direction of Denver. – David Tryba FAIA, Tryba Architects When I moved here from Michigan in the late ’70s, she was one of the first real estate developers I met with. I was with Manufacturers Hanover Mortgage Corp., opening our first real estate lending office in this area. We were looking for business, and the revitalization of Lower Downtown was just getting some serious attention and deals were starting to happen. We met, and she was very courteous and had just completed her first conversion. I remember her being bold and novel at the time. She was a pioneer. She did introduce me to a few new developers, one of which was John Hickenlooper, who we ended up doing some deals with when no one else seemed interested. I understand she got recently involved in Trinidad Co., another pioneering effort in Southern Colorado with good upside that only a few people would undertake. Sad to lose her. – Ralph Wieleba, Hanover Mortgage Corp Dana Crawford was one of our favorite clients. She was always creative and challenging. During the time I was on the board of directors of RTD, we joined her and others in the renovation of the Union Station building that includes the Crawford Hotel and is adjacent to the hub that was the centerpiece of the FasTracks expansion of Denver metro’s light-rail and commuter rail system. Dana referred to Union Station as Denver’s living room. I like to think of the 16th Street Mall as Denver’s front porch. – William M. James, JRES Intelica RE From Larimer Square to LoDo to RiNo, Dana was the spark that made it all happen. She will always be in my heart, and she treated me with respect as she patiently mentored me through various transactions and projects. We will miss her. – Danny Lindau, The Colorado Group Inc. There are not adequate words to describe Dana, or her impact on Denver and Colorado. Dana was the one who called and said, “Hey Rhys, have you heard of Meow Wolf? We should bring them to Denver.” Being summoned to a meeting in Dana’s loft was always a privilege, as you knew she was going to share some forward-looking plans with you for the betterment of Denver, or wherever else was holding her attention. Dana, you are sorely missed.– Rhys Duggan, Revesco Properties I remember back in the day, when Dana was bringing Larimer Square to life and what a true believer she was. Truly a lady and visionary of her time. We can all learn a little from her essence and be thankful for having been lucky enough to see her in action. Carry on Dana ... missed but not gone. – Phil Perington, Perington-Miller & Co. Avant-garde is the first word that comes to mind when I think of Dana. She was an early mentor of mine when we began working in the Ballpark Neighborhood nearly 30 years ago. She fought tirelessly and will be missed for her spirit and beautiful vision that reshaped Denver forever. – Chris Pangburn, Redland Dana clearly had her hand is all things Denver. I’ll always give her credit for preserving Larimer Square, Denver’s oldest and perhaps most well-known block, from the development wrecking ball. Thanks, Dana, for preserving history. – Tanner Mason, Benchmark Commercial Real Estate I met Dana and her husband in 1985 when I was sent to Denver to help master-plan and rezone the 190 acre Platte River Valley/LoDo area behind Union Station. I was working for Glacier Park Co., the subsidiary of Burlington Northern Railroad, which owned the land. Dana was an amazing woman who overcame many, many obstacles to achieve what she accomplished. She was always willing to provide sound counsel to me when I had questions about how to proceed on my project. A national treasure. – John Solberg, Onward Investors Required reading for every Coloradan and Denverite should be the work of Dana Crawford, who tirelessly saved countless treasures around our city and state (preserving, transforming, the list goes on ...). What a remarkable woman, leader and passionate soul. Very sad to hear of her passing and our prayers are with you – thanks for all the love! Very blessed to have known her and worked with her on projects extending from Broomfield, Denver, Pueblo and Trinidad – and that list is a small fraction of her amazing work. – Grant Bennett, Proximity Green Dana’s contribution to the development of Lower Downtown and the Central Platte Valley cannot be overstated. Her vision, love of historic structures and perseverance turned a forgotten area of Denver into one of the most vibrant success stories in the U.S. and the world. She was a practical visionary who stands alone among many responsible for the redevelopment of LoDo and the CPV. In the 1980s, LoDo was largely dilapidated and dangerous. There was no Coors Field, no Ball Arena/Pepsi Center, no Union Station redevelopment. It was bad. The city’s growth along 16th Street was toward the Capitol. The plan for the proposed new CPV bridges and rail realignment was so far-reaching and fanciful that it looked not only impossible to achieve but also like a dreamscape of whiteboard planning wishes. It seemed not grounded in the reality of the day. Dana did not see it that way. As a preservationist, building by building, Dana redeveloped history. Her great ideas and landmark projects spurred Denver’s redevelopment. The Oxford, the Sugar Building, the area around Union Station ... the list goes on and on. Each one of her projects seemed to spur whole new micro areas of redevelopment. Sooner or later, those micro areas became macro successes. Denver owes Dana Crawford more than her name on a hotel. She needs her name on a street, a day of recognition, something that stands the test of time. Thank you, Dana Crawford. – Rich Jortberg, MAI Dana Crawford
February 19-March 4, 2025 - Page 13 www.crej.com No one understood what it meant to create places people love better than Dana Crawford. She knew a city’s strength wasn’t just in what was new and shiny. She believed enduring places required care and showed us that giving spaces new life didn’t mean tearing them down and starting over. Anyone who has been in this business for a long time knows the role that tenacity plays in success. Big dreams and plans will only take you so far. Without the persistence and grit to overcome challenges, making a lasting impact is impossible. Dana had tenacity in spades. She was told “no” countless times over the years, but she never gave up. I can only imagine the overwhelming barriers she faced in 1963 when she began the process of saving the historic buildings on Larimer Square – one of the most beloved and iconic parts of Denver today. Dana saw value in our past, and she fought for it. She worked for 30 years to assemble the right team to revitalize Union Station, and I was privileged to be part of the team that finally took that project across the finish line. I’ve been in the business of building places for a long time, but it was in those years working with Dana that I received a master class in what it means to build a legacy. I’m so proud that Dana’s namesake hotel, the Crawford Hotel, is part of our portfolio. It’s one more way that future residents will remember her. Today, as you wander through the places you love in our city, remember that some work their whole lives to care for those places. Dana was one of those special people, and we will miss her dearly. May we always seek to preserve what matters and create places worth saving. Thank you, Dana. – Chad McWhinney, McWhinney I moved to Denver in 2000, and it wasn’t long before I learned of the fiery Dana Crawford who saved Denver from the wrecking ball. Her passion for historic preservation was woven into the fabric and lore of downtown Denver, and she was larger than life. This ability to look beyond the dollars and cents of the immediate deal and see the value of unique places was an inspiration to a young architect and showed me that developers and deals came in all forms and that there were still idealists out there fighting the good fight. The numbers will always need to work, but with vision and creativity even tough deals can get done. Watching these ideals come to fruition in the transformation of Union Station and walking through that space before and after Dana and the rest of the team worked their magic truly encapsulates what she means to Denver. I was also lucky enough to spend time with Dana at a few of her birthdays, and in the midst of a probably too-longwinded story, I remember telling her how I came to Denver, because of an ex-fiancé, and at some later point why I was at her party, because of my wife, and Dana summed my life up with her classic wit, saying, “It seems like everything you do is for a one woman or another.” – Bill Foster, Lantz Boggio Architects “Meet Me at the Cruise Room” I first met Dana Crawford in person in November 2021 – just a fragment of time when compared to the depth of her impact in this community. In that moment, I had recently accepted the role as president and CEO of the Downtown Denver Partnership, but not yet moved here to fill the seat. The executive committee and past chairs hosted a welcome reception at the home of Mike and Nancy Zoellner, and Dana came to welcome, encourage and rightfully school this new leader to the Denver community. I sat next to her and listened intently, soaking in as much as I could. Then when it was time for Dana to leave, she left me with a tease, “And that’s just the beginning. Meet me at the Cruise Room, and I’ll tell you more.” A legendary persona that held true to form. Despite that being the first time I met Dana, I’ve learned from her for decades. Growing my career in downtown revitalization and urban place management, Dana is among the national figures who drove the creation of what we do as citybuilders today. She was one of the founders and beacons of what we do as an industry, in our careers – she was, and will forever be, a movement. Her dedication to preservation, development prowess and genuine connection to community set the example for cities across the country. Dana’s fingerprints are on every corner, in every step, and at the height of every experience in downtown Denver. Her lessons, influence and impact will be felt for generations to come. I also cherish a personal history of my own in Denver, born from a family of musicians who recognized the incredible history and complex past of this place. When I think of Dana, I always think of a song that is deeply engrained in my childhood. Meet me at the Cruise Room, and I’ll tell you more … Looking for some Jukebox for our beat Everybody's down on Larimer Street (Chuck Pyle, John Cable & Jim Ratts, 1995, Camel Rock) – Kourtny Garrett, Downtown Denver Partnership Our paths first crossed with Dana in the early 1980s, when Dana and Charles Callaway acquired the abandoned, derelict, 192,000-square-foot Littleton Creamery building in what later became known as LoDo. It was a huge, scary, dark and cold building with almost no windows, and thick walls of cork, tar and plaster that created hundreds of individual cold rooms. This building eventually became known as the “Ice House.” Walking through the Ice House required walking through narrow doorways from cold room to cold room – some of which were full of pigeons. A funny memory with Dana is wearing Littleton Creamery wire milk crates on our heads in order to prevent cornered pigeons from flying in our faces as we walked from room to room. We were simultaneously screaming and laughing, as a distant “coo” became several, wings started fluttering, and then a bat-like cloud of pigeons flew through the doorway as we were entering. Abandoned buildings were Dana’s passion, and we were truly fortunate to have had her help jump-start our firm with her faith in our abilities to help her achieve her transformative vision. She was one of a kind and will truly be missed. – Sarah Semple Brown, Rusty Brown and Candy Roberts, Semple Brown Design When Temple Aaron of Trinidad was listed on the Endangered Places list by Colorado Preservation Inc. in 2017, Dana Crawford was among the first to provide support to members of the community who were working to save the building. Although she was not of Jewish descent, she attended events at the temple through the years and encouraged others to help its fledgling board advance its efforts. Just as she did throughout her life, she saw early on what others would take years to appreciate about the value of a place: in this case a remote synagogue high on a hilltop in Trinidad. As it turned out, that interest led her to commit to several major historic preservation projects in town that will undoubtedly leave a lasting impact. In March 2024, she made her way to Trinidad to speak at the temple’s National Historic Landmark dedication ceremony, undeterred by the biting wind and the challenges of being in a wheelchair. Temple Aaron is grateful for her friendship and support through the years, and she will be greatly missed. – Sherry Glickman, Temple Aaron Once in a while, a game-changer comes along, and Dana Crawford was a game-changer. While historic buildings such as the Tabor Opera House were being demolished in downtown Denver to make way for new projects, Dana recognized the historic value and economic potential of what was to become Larimer Square. As a partner of Dana’s in Larimer Square, I came to know her as a hard-working entrepreneur, someone to be admired for her vision and tenacity. She contributed a large piece to the fabric of Denver, and she will be missed. Thank you, Dana. Now rest in peace. – John E. Fuller, Fuller Real Estate I Àrst met Dana in 2014. I had purchased a warehouse in RiNo and had a groundbreaking party. Someone said, “I think that’s Dana Crawford over there looking at the renderings on the wall.” My Àrst ever project, and here was Dana in support. Incredible. I got to know her better in the next years, and she always showed up to support anything I did. She came to the opening of Room for Milly in 2020 and sat down for a cocktail and held court. To a Áedgling female developer, trying to do things differently, having Dana’s support was worth more than anything. I’ll be forever grateful. – Fiona Arnold, Mainspring Developers
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