February 14, 2019
SteelWave and Rialto Capital Management acquired 930 15th Street, a 12-story, 223,000-square-foot tech building in the heart of Denver’s theater district. HFF arranged the four-year, $54.6-million floating-rate acquisition and bridge loan through Square Mile Capital Management. Loan proceeds will be used to acquire and reposition the asset into a state-of-the-art office building.
Formerly an owner-user property, the building will deliver in 2020 and be one of downtown Denver’s only options for large-user requirements. The building will be delivered to the market as new construction space, with features and amenities comparable to ground-up construction.
The building renovation plan includes a new exterior glass curtain wall, robotic lift parking infrastructure, and entirely new building systems. Amenities will include a rooftop terrace with a state-of-the-art fitness center, event and conference space.
NKF’s John Jugl, Victor Frandsen, Alan Polacsek, Manuel Breidenbach and Paul Donahue represented the undisclosed seller. HFF’s Leon McBroom and Eric Tupler advised the borrower.
For comments, questions or concerns, please contact Dennis Kaiser