The Belleview Tower office building at 7887 E. Belleview Ave. in Denver. (Courtesy Real Capital Solutions)
A local firm bought an office tower in the Denver Tech Center on the final day of 2024, giving it three cheap-office acquisitions in the metro area on the year.
And the buyer expects at least one downtown Denver deal in 2025.
Louisville-based Real Capital Solutions, led by Marcel Arsenault, said Tuesday that it paid $20 million for the 12-story Belleview Tower building at 7887 E. Belleview Ave. in Denver. At 201,670 square feet, that works out to $99 a square foot.
The seller, Texas-based Endeavor Real Estate Group, paid $40.1 million for the tower in December 2019, according to public records.
That works out to a 50 percent discount for RCS, although that calculation doesn’t account for the fact that Endeavor partitioned part of the tower’s parking lot into a separate parcel. It sold that lot in November for $3.6 million to JPMorgan Chase, which plans to build a branch there.
Marcel Arsenault
Belleview Tower is 75 percent leased, according to the buyer, which plans to upgrade the fitness center and common areas and install spec suites. In a statement, Arsenault called the building “a premier office property in a high-demand location.”
“Adding value in this dynamic market requires a strong and experienced team with the capital to address evolving tenant expectations,” he said. “We have both.”
Adam Abeln, RCS’ chief acquisitions officer, told BusinessDen he believes it would cost $500 a square foot to build Belleview Tower today.
“This really ensures little supply competition for the foreseeable future,” he said.
RCS made two other local office transactions in 2024.
In August, the company paid $14.95 million for the office building at 116 Inverness Drive East in unincorporated Arapahoe County, records show. The Greenwood Village-based seller, Miller Global Properties, bought it for $24.5 million in April 2021 — itself a discount from $35.98 million in 2015.
In September, the company teamed up with Denver-based Koelbel & Co. to buy Metropoint I and II at 4600-4610 S. Ulster St. in Denver for $22 million. The pension fund seller bought it for $81 million in 2006.
A handful of other companies — all local — have been buying Denver-area office space on the cheap in the past couple years. Other players completing multiple deals include Westside Investment Partners, Knightbridge Capital and Koelbel & Co.
RCS isn’t interested only in Denver. The firm recently also bought office buildings in Dallas and Washington D.C. last month.
Adam Abeln
In a press release announcing the Belleview Tower purchase, RCS said it expects to buy as much as $1 billion worth of distressed office loans and real estate around the U.S. this year in conjunction with partners. It said it expects “substantial discounts” through 2027.
Abeln said it’s tough to say how much of that $1 billion will be spent in any given market. But asked if RCS was interested in downtown Denver — all its deals this year were in the suburbs — he said yes.
“We’re looking and we’re expecting to buy something downtown this year,” Abeln said.
Arsenault has hunted for discounts for decades. He also bought Denver-area real estate following the 1980s oil crash, competing with people such as Steve Leonard, who died last year.
The Belleview Tower office building at 7887 E. Belleview Ave. in Denver. (Courtesy Real Capital Solutions)
A local firm bought an office tower in the Denver Tech Center on the final day of 2024, giving it three cheap-office acquisitions in the metro area on the year.
And the buyer expects at least one downtown Denver deal in 2025.
Louisville-based Real Capital Solutions, led by Marcel Arsenault, said Tuesday that it paid $20 million for the 12-story Belleview Tower building at 7887 E. Belleview Ave. in Denver. At 201,670 square feet, that works out to $99 a square foot.
The seller, Texas-based Endeavor Real Estate Group, paid $40.1 million for the tower in December 2019, according to public records.
That works out to a 50 percent discount for RCS, although that calculation doesn’t account for the fact that Endeavor partitioned part of the tower’s parking lot into a separate parcel. It sold that lot in November for $3.6 million to JPMorgan Chase, which plans to build a branch there.
Marcel Arsenault
Belleview Tower is 75 percent leased, according to the buyer, which plans to upgrade the fitness center and common areas and install spec suites. In a statement, Arsenault called the building “a premier office property in a high-demand location.”
“Adding value in this dynamic market requires a strong and experienced team with the capital to address evolving tenant expectations,” he said. “We have both.”
Adam Abeln, RCS’ chief acquisitions officer, told BusinessDen he believes it would cost $500 a square foot to build Belleview Tower today.
“This really ensures little supply competition for the foreseeable future,” he said.
RCS made two other local office transactions in 2024.
In August, the company paid $14.95 million for the office building at 116 Inverness Drive East in unincorporated Arapahoe County, records show. The Greenwood Village-based seller, Miller Global Properties, bought it for $24.5 million in April 2021 — itself a discount from $35.98 million in 2015.
In September, the company teamed up with Denver-based Koelbel & Co. to buy Metropoint I and II at 4600-4610 S. Ulster St. in Denver for $22 million. The pension fund seller bought it for $81 million in 2006.
A handful of other companies — all local — have been buying Denver-area office space on the cheap in the past couple years. Other players completing multiple deals include Westside Investment Partners, Knightbridge Capital and Koelbel & Co.
RCS isn’t interested only in Denver. The firm recently also bought office buildings in Dallas and Washington D.C. last month.
Adam Abeln
In a press release announcing the Belleview Tower purchase, RCS said it expects to buy as much as $1 billion worth of distressed office loans and real estate around the U.S. this year in conjunction with partners. It said it expects “substantial discounts” through 2027.
Abeln said it’s tough to say how much of that $1 billion will be spent in any given market. But asked if RCS was interested in downtown Denver — all its deals this year were in the suburbs — he said yes.
“We’re looking and we’re expecting to buy something downtown this year,” Abeln said.
Arsenault has hunted for discounts for decades. He also bought Denver-area real estate following the 1980s oil crash, competing with people such as Steve Leonard, who died last year.
