Location: 19th Street and Broadway, Denver CBD Date Acquired: December 2005 Investment Basis: $77.65 Million ($114.14/sf) Rentable Square Feet: 680,276
Property Description: Last high-rise built downtown, 43 stories, 4th tallest in CBD, highly identifiable on skyline, architecturally significant Curt Fentress design. New $1.5 million lobby with contemporary art collection. Best parking ratio downtown (1/960), only building on dual-direction light rail stop, excellent egress to south I-25 via Broadway, I-25 north via 20th Street and to DIA via Brighton Blvd to I-70. More window-line per occupied square foot than any CBD high-rise. Setback affords attractive views in all directions. Full service amenity package including valet parking.
Despite its architectural appeal, 1999 was considered a “peripheral” asset, removed from the CBD Core. The property's qualities warranted it being perceived as Class A, but prior to current ownership, the properties weaknesses had been apologized for but its strengths never exploited. To shift perception, the main building entry was reoriented toward the CBD to embrace light rail and the building’s urbanity. The lobby and common areas were redeveloped to more closely align with its Class A, architecturally significant façade.
“Broadway” was dropped from the building name and “1999” became the building moniker.
Amenities (100 person conference facility, health club and restaurant) were added or enhanced and consolidated on the second floor to create the sense of a self-contained environment. A “1999” circulator van was purchased to circulate tenants to and from the parking garage and through downtown during the lunch hour. As a result, 1999 dramatically shifted market perception, removed itself from competition with Class B product and now competes with a smaller subset of Class A competitors in the CBD.