Ballpark office furniture firm under contract to sell property to developer

Elements selling Blake Street land

The colorful building at 2501 Blake St., home to office furniture and design firm Elements, would be replaced with an apartment complex if a sale to a developer comes to fruition. (Thomas Gounley photo)

An office furniture and design firm at the edge of Ballpark and RiNo is under contract to sell its two buildings to a developer.

SRG Residential, a division of California-based Sares Regis Group, wants to replace the existing structures at 2495 and 2501 Blake St. with a seven-story apartment complex, according to a concept plan submitted to the city in December.

The buildings are owned by office furniture firm Elements, which would relocate. The company is still searching for a new home.

“As place-makers and leaders in workplace trends, we have the unique opportunity here to showcase the flexibility that will define the future workplace through our next building,” CEO Traci Lounsbury said in a statement.

Lounsbury, acting as Bigger Leap LLC, purchased the approximately 35,000-square-foot building at 2501 Blake St. in 2004 for $2 million, according to public records. She founded Elements in 2008, according to the company’s website. In 2019, the company paid $7.9 million for the 14,600-square-foot building tucked behind it at 2495 Blake St.

The buildings at the corner of Blake and Broadway sit on a combined 1.8 acres.

SRG Residential didn’t respond to a request for comment. The company owns four Denver-area apartment complexes, according to its website. It paid $123 million in November for the 301-unit Waterford RiNo complex located about a quarter-mile away at 2797 Wewatta Way.

The plans for the proposed Blake Street complex, which would back up to a parking lot used for Coors Field, call for 385 units: 111 studios, 175 one bedrooms and 99 two-bedroom units. There would be 406 parking spaces.

Elements isn’t the only office furniture firm looking to make a move. The CEO of Projex and its sister company Culture paid $3.9 million in October for a building in RiNo, saying the companies would likely move in 2023 or 2024.

Elements selling Blake Street land

Elements selling Blake Street land

The colorful building at 2501 Blake St., home to office furniture and design firm Elements, would be replaced with an apartment complex if a sale to a developer comes to fruition. (Thomas Gounley photo)

Elements would relocate and buildings at 2495 and 2501 Blake St. would be replaced with a seven-story, 385-unit apartment complex.

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