Atlas Real Estate Group has outgrown its mansion, but its new home will still be a stone’s throw from Interstate 25.
The Denver-based residential real estate brokerage and property management firm paid $4.1 million last week for Forge970, the 21,600-square-foot building at 970 Yuma St. in Denver, according to county records. FirstBank provided financing for the deal.
Atlas co-founder Jason Shepherd said the company plans to take over vacant space and common areas within the building, ultimately freeing up its current mansion home at 2345 7th St. for events and other uses.
The Yuma Street structure was once a Wells Fargo armory and has three vaults inside.
“It’s already in really nice shape,” Shepherd said. “We’ll probably make a few changes to make it a little more like home and less like a bank vault.”
The two-story building, whose tenants include Meier Skis and Link Product Development, was listed in March with an asking price of $5.5 million.
The property was sold by an entity associated with Jason and Ellen Winkler, the founders of local coworking brand Industry, who purchased it in December 2015 for $2.05 million, records show. Jason Winkler did not respond to a request for comment on Monday.
Industry has two locations in RiNo, and two more in the works in Salt Lake City and Denver, according to the company’s website. Forge970 is one of two non-Industry office projects the Winklers developed, along with Battery621 at 621 Kalamath St. Jason Winkler previously told BusinessDen that he and his wife had sold their ownership stake in Battery621.
Shepherd said Atlas had been looking to buy new office space for about six months, and liked that Forge970 offered “creative space” and an opportunity to “increase utilization” of the structure.
Transwestern broker Billy Woodward, who listed the property along with colleague Whitney Hake, told BusinessDen in April that the duo were highlighting the fact that some of the building’s common areas could get converted into more office space.
Shepherd said Monday that Atlas likely will start moving into the building come October, and ultimately could take about 5,000 square feet while keeping the existing tenants in place. He said the company’s headcount is about 50, although not all individuals are in the office on any given day.
Atlas Real Estate Group recently expanded into the Phoenix market through an acquisition.