Colorado-Real-Estate-Journal_458969

INSIDE 14 6 FEATURED CONTENTS MAY 7-20, 2025 Office 6 Industrial 10 Multifamily 14 Retail 19 Finance 24 Law & Accounting 30 CDE News 34 Who's News 48 10 Lincoln Crossing Westside Investment buys Class A, two-tower asset downtown Industrial lease-up Innovate at Dove Valley developer signs tenant at new development Phased opening Southern Land Co. welcomes first residents to Arden Karl’s Farm 19 U.S. expansion Roadsurfer opens first Colorado location, expands U.S. footprint by Avalon Jacka DENVER – A Los Angeles- based real estate firm pur- chased two office towers in downtown Denver with plans to convert the site into residential units. The Luzzatto Co. acquired 621 and 633 17th St., totaling more than 973,000 square feet, from E2M Ventures in April. The sales price was not listed on Denver County public records. JLL’s Sean Whitney, Larry Thiel, Hilary Barnett and Mark Katz facilitated the transaction. The Luzzatto Co. plans to redevelop the towers into the largest multifamily proj- ect in Denver, and what is expected to be one of the largest and most high-profile office-to-residential conver- sion projects in the country, a statement from E2M Ventures said. “The Luzzatto Co. is com- mitted to developing a trans- formational mixed-use mul- tifamily project that helps support the dynamic growth of Denver’s urban core and revitalizes public-private engagement around this irre- placeable transit location,” The Luzzatto Co. President Asher Luzzatto said. Plans for the redevelop- ment feature more than 700 multifamily units – including studios, and one-, two- and three-bedroom units – and more than 150,000 sf of com- mercial and amenity spaces, including a bakery, market, day care, theater, outdoor plaza, coworking space, gal- lery and more. The project team includes HLW Architec- ture and Atelier 111 Sound, Art & Interior Design. The development team is target- ing beginning construction in third-quarter 2026 and deliv- ering in third-quarter 2028. Luzzatto buys office-to-resi conversion site by Avalon Jacka DENVER – A data center platform acquired a historic building currently operating as a carrier hotel in the cen- tral business district. CoreSite purchased the Denver Gas & Electric Building, located at 910 15th St., from DGEB Man- agement LLC for $38 mil- lion in April, according to SKLD Information Services. The 171,037-square-foot building was built in 1910, according to Denver County public records. “CoreSite is excited to further invest and expand in our hometown market of Denver,” said CoreSite General Manager and Vice President of the Central Region Yvonne Ng. “We are planning additional invest- ment in the historic Denver Gas and Electric Building to increase operational effi- ciency and offer our cus- tomers a reliable, highly interconnected environment that meets all their high- performance, high-density computing requirements.” CoreSite previously leased space in the 10-story build- ing for its DE1 data center. The property has operated as a carrier hotel – a con- nectivity hub positioned in a downtown area that hosts networks and cloud services – since the 1980s and was also operating as a colo- cation facility in the other parts of the building that CoreSite was not occupying prior to the acquisition. The purchase nearly doubles CoreSite’s space and power footprint, adding approxi- mately 3 megawatts to its capacity available at the site. The purchase also enhances CoreSite’s ability to meet the growing demand from pub- lic and private cloud pro- viders, enterprises, and net- work and service providers. “To be able to expand in this building that is the No. 1 network-dense intercon- nection hub in the region makes it a no-brainer for us to acquire the building,” Ng said. CoreSite acquires downtown carrier hotel Please see Luzzatto, Page 23 Please see CoreSite, Page 23 The 10-story Denver Gas & Electric Building, located at 910 15th St., was acquired by former tenant CoreSite for $38 million in April. The Luzzatto Co. acquired 621 and 633 17th St. for an office-to- residential conversion that will bring more than 700 multifamily units and 150,000 square feet of commercial and amenity spaces to downtown Denver.