Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
Unico Properties, a major Denver office landlord, has its first local property in foreclosure.
The Seattle-based firm’s lender on Harlequin Plaza, a 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village, filed paperwork in recent days to begin the foreclosure process.
A local Unico executive didn’t respond to a request for comment.
The two-building complex on 18 acres was built in 1980 and renovated in 2013. Unico bought it in October 2012 for $26.6 million. Two years later, in 2014, the company took out a $28 million loan on the building from Wells Fargo, records show.
That loan came due in June. The company failed to pay it off. Wilmington Trust, the trustee for the loan, said in the foreclosure filing that Unico owes the full $28 million in principal.
Wilmington previously got Robert Knisely of Transwestern appointed as receiver of the building. That happened in July, shortly after Unico defaulted.
The complex’s largest tenant is Bellco Credit Union, which is based there. Other tenants include Guild Mortgage Co. and IMEG Corp.
Just over 70 percent of the complex is occupied, Knisely said in a Sept. 30 report.
One of Knisely’s first actions on the job was to terminate CBRE as the complex’s listing agent and instead hire his firm, Transwestern.
Knisely said in the report that SSB Consulting, which does business as Affinaquest, has abandoned its premises in the building and owes $154,000 for rent from March through September.
“Receiver is evaluating next steps including proceeding to eviction,” he wrote.
A Bellco sublease deal with Gateway Services Group is “under review,” according to the report, which didn’t specify the square footage involved. Bellco declined to comment when contacted by BusinessDen. Gateway already occupies space in the building.
Knisely also wrote that a cafe in the complex closed at the end of August and may have defaulted on its lease.
The appearance of the sprawling Harlequin Plaza property, which includes large parking lots and an acre of green space, changed recently. Knisely wrote that he had 22 trees removed after Greenwood Village cited the property for them because they had died. He blamed a non-operational irrigation system that will be fixed.
Unico’s other area office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust. Brian Ray of Hatch Ray Olsen Conant is representing the receiver. Mike Lazar of Robinson Waters & O’Dorisio is representing Unico’s Orchard & Greenwood LLC.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
Unico Properties, a major Denver office landlord, has its first local property in foreclosure.
The Seattle-based firm’s lender on Harlequin Plaza, a 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village, filed paperwork in recent days to begin the foreclosure process.
A local Unico executive didn’t respond to a request for comment.
The two-building complex on 18 acres was built in 1980 and renovated in 2013. Unico bought it in October 2012 for $26.6 million. Two years later, in 2014, the company took out a $28 million loan on the building from Wells Fargo, records show.
That loan came due in June. The company failed to pay it off. Wilmington Trust, the trustee for the loan, said in the foreclosure filing that Unico owes the full $28 million in principal.
Wilmington previously got Robert Knisely of Transwestern appointed as receiver of the building. That happened in July, shortly after Unico defaulted.
The complex’s largest tenant is Bellco Credit Union, which is based there. Other tenants include Guild Mortgage Co. and IMEG Corp.
Just over 70 percent of the complex is occupied, Knisely said in a Sept. 30 report.
One of Knisely’s first actions on the job was to terminate CBRE as the complex’s listing agent and instead hire his firm, Transwestern.
Knisely said in the report that SSB Consulting, which does business as Affinaquest, has abandoned its premises in the building and owes $154,000 for rent from March through September.
“Receiver is evaluating next steps including proceeding to eviction,” he wrote.
A Bellco sublease deal with Gateway Services Group is “under review,” according to the report, which didn’t specify the square footage involved. Bellco declined to comment when contacted by BusinessDen. Gateway already occupies space in the building.
Knisely also wrote that a cafe in the complex closed at the end of August and may have defaulted on its lease.
The appearance of the sprawling Harlequin Plaza property, which includes large parking lots and an acre of green space, changed recently. Knisely wrote that he had 22 trees removed after Greenwood Village cited the property for them because they had died. He blamed a non-operational irrigation system that will be fixed.
Unico’s other area office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust. Brian Ray of Hatch Ray Olsen Conant is representing the receiver. Mike Lazar of Robinson Waters & O’Dorisio is representing Unico’s Orchard & Greenwood LLC.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
