A four-story office building in LoDo that dates to the early 1900s has a new owner.
Centennial-based Global Pacific said Wednesday that it had paid $8 million for 1441 18th St., also known as the Blake Building.
The building at the corner of 18th and Blake streets is 27,424 square feet, according to Global Pacific, which makes the deal worth about $292 a square foot. The structure dates to 1906, and housed General Electric Supply Co. from the 1930s to 1950.
Thevin Campton of Colliers represented the seller. Phil Ruschmeyer and Jared Kelleher of Ruschmeyer Corp. represented the buyer.
The property was sold by CLS Holdings Inc., an entity affiliated with B:Side Capital (formerly known as Colorado Lending Source). It paid $4.85 million for the building in July 2013, records show.
Dave Lederhos, vice president of commercial acquisition for Global Pacific, told BusinessDen Tuesday that the building is about 25 percent leased. Law firm Lass Cooper & Ramp occupies one floor.
Lederhos said B:Side Capital previously occupied about 35 percent of the building. And the top floor was once leased to a tech firm, which moved out sometime after the pandemic began.
But the high rate of vacancy was the attractive part to Global Pacific.
“We’re deep-value guys, so we like vacancy,” he said. “We like the ability to change the asset.”
Lederhos said Global Pacific plans to renovate the space, removing ceiling tiles and drywall to expose some of the building’s original brick and timber.
“It’ll be a pretty meaningful renovation,” he said. “We’re going to reorient the lobby. A lot of it is reintroducing the historic nature of the building.”
Lederhos said the building as currently laid out is intended for only office use, but that Global Pacific is open to the idea of incorporating retail.
“If we find the right tenant, I could see us doing retail on the first floor,” he said. “We like the idea of the true mixed-use nature of LoDo.”
In late 2020, Global Pacific purchased the four-story building at 1625-1631 Wazee St., which was set to be vacated by travel company Inspirato, for $14.8 million. Not long before that, the company purchased the RiNo real estateoccupied by Ironton Distillery.
Last year, Global Pacific purchased the 142,397-square-foot Financial Plaza office complex at 7720-7730 E. Belleview Ave. in Greenwood Village for $14.24 million. Lederhos said it was 25 percent leased at the time of the purchase.