Location: 17th Street and Lawrence, Denver CBD Date Acquired: December 2006 Investment Basis: 116.5 Million ($238/sf) Rentable Square Feet: 489,393
25 story, ½ million square foot Class A building on the edge of LoDo across from the Tabor Center and Westin Hotel. Chase Bank houses its regional headquarters here with attached drive-thru banking facility. 17th Street address and timeless design, functional, efficient 20,000 square foot floorplate, abundant underground parking, updated lobby finishes and amenity package including 7,000 square foot membership health club. Corner location affords attractive mountain views from the 7th floor and above.
At acquisition, 1125’s location allowed it to compete with other Class A product in the Denver CBD in a rising market with limited space alternatives. It was recognized, however, in anticipation of the market softening, that 1125 needed to make some but not wholesale improvements to get more than its fair market share of deals and compete at a lower price point with AA competition such as Tabor Center and 17th Street Plaza across the street. 1125’s entry columns on 17th Street were clad in granite, granite inserts were added to the lobby floor and the antiquated lobby ceiling and lighting refinished. The amenity package was enhanced to include a food service and full service rent paying health club while the top of the attached underground parking structure (where both amenities are housed) was resurfaced in a playful composite finish to include basketball and bocce courts, open air seating and dramatically improve the east side view corridor from offices above.