Location: Belleview and I-25, Denver Tech Center Date Acquired: September 2006 Investment Basis: $12.25 million ($98/sf) Rentable Square Feet: 125,161
Two reflective glass four story buildings set on 8.7 acres with a pond, meandering walkways, abundant foilage, outdoor seating and open-air patios on each floor. Terrific access to Belleview Avenue and I-25, abundant surface parking. Parking lot connects the property to the Belleview Promenade, the Denver Tech Center’s premier retail center.
Formerly know as The Quorum, a class C product in a Class A location, the property had been undersponsored for a decade or more. With access to 9 restaurants and retail amenities only 100 steps away, it was recognized the property could be fully repositioned into a solid class B asset by exploiting its location, its timeless curb appeal and “good bones”.The Building’s name was changed to The Offices at the Promenade (but known and referenced as “The Promenade”) to leverage its self-contained location.
After an arduous process involving the DTC Architectural Control Committee, $1.5 million was invested using colorful native stone in creating monument signage, dramatically enhacing the exterior building entries and refinishing the lobbies. The $110/sf all-in basis after redevelopment is still less than 50% of replacement cost.