Location: 17th Avenue and Grant Steet, Denver CBD “Uptown” Date Acquired: November 2007 Investment Basis: 46.0 Million($160/sf) Rentable Square Feet: 286,512
Property Description: 303 is a “niche”, four story building located 4 blocks east of the CBD Core in Denver’s Uptown market close to the State Capitol and Courthouses. The property appeals to service firms, especially attorneys. The attractive sandstone and black glass design is enhanced by four progressive setbacks on the building’s north and south facades, providing 8 additional corner offices on each floor. The four story atrium separating the building from the 400 car parking garage and redeveloped common areas uniquely differentiate 303 from all other Uptown competition.
Repositioning Strategy: When first acquired, downtown rents were rising dramatically. The lobby and common areas were dark and dated. With cosmetic improvements, 303 could be positioned to attract price-sensitive CBD core users…or in more challenging markets, help the property outperform its equally priced Uptown competitors. The underutilized but distinctive atrium was turned into a usable showpiece with dramatic sculptures suspended from the four story glass ceiling. Light and bright colors were added with new lobby floor and walls, colored glass, additional commissioned artwork and enhanced lighting. The property was re-labeled “303” from “17th and Grant” to give it a more contemporary title consistent with its now contemporary interior design, segregate the property from being labeled as purely an “Uptown” address, and give it a name consistent with CBD core assets including those in our portfolio, 1999 and 1125.