A runner passes the office building at 2399 Blake St. in Denver on Friday, Jan. 31, 2025. (Matt Geiger/BusinessDen)
A firm with one downtown Denver property in foreclosure has surrendered another in Ballpark to a lender.
Urban Renaissance Group, which is based in Seattle, executed a deed-in-lieu of foreclosure on Jan. 24 for the one-story, 71,000-square-foot building at 2399 Blake St., according to public records.
The building’s parking lot, technically a separate parcel with the address of 1561 Park Avenue West, was also surrendered.
The firm gave ownership to Equitrust Life Insurance Co., which loaned URG $24 million backed by the property in May 2019, records show. URG bought the property the year prior, paying $33 million.
URG declined to comment.
Two of the buildings that make up Market Center in the 1600 block of Market Street. (BusinessDen file)
URG already faced trouble downtown. The company defaulted on its loan for the 121,000-square-foot Market Center complex at 1624-1660 Market St. in October, when it failed to make an on-time payment, according to the property’s lender. The lender has appointed a receiver and initiated foreclosure proceedings for the complex, which includes both office and retail space.
URG’s other Denver holdings include the 100 Speer Blvd. building leased to Fox31 and the building at 2301 Blake St., located adjacent to the property the firm just surrendered.
Other deed-in-lieu of foreclosure transactions for Denver office properties in the past year are Civic Center Plaza at 1560 Broadway in November, 1630 Welton St. in July and 410 17th St. in April.
A runner passes the office building at 2399 Blake St. in Denver on Friday, Jan. 31, 2025. (Matt Geiger/BusinessDen)
A firm with one downtown Denver property in foreclosure has surrendered another in Ballpark to a lender.
Urban Renaissance Group, which is based in Seattle, executed a deed-in-lieu of foreclosure on Jan. 24 for the one-story, 71,000-square-foot building at 2399 Blake St., according to public records.
The building’s parking lot, technically a separate parcel with the address of 1561 Park Avenue West, was also surrendered.
The firm gave ownership to Equitrust Life Insurance Co., which loaned URG $24 million backed by the property in May 2019, records show. URG bought the property the year prior, paying $33 million.
URG declined to comment.
Two of the buildings that make up Market Center in the 1600 block of Market Street. (BusinessDen file)
URG already faced trouble downtown. The company defaulted on its loan for the 121,000-square-foot Market Center complex at 1624-1660 Market St. in October, when it failed to make an on-time payment, according to the property’s lender. The lender has appointed a receiver and initiated foreclosure proceedings for the complex, which includes both office and retail space.
URG’s other Denver holdings include the 100 Speer Blvd. building leased to Fox31 and the building at 2301 Blake St., located adjacent to the property the firm just surrendered.
Other deed-in-lieu of foreclosure transactions for Denver office properties in the past year are Civic Center Plaza at 1560 Broadway in November, 1630 Welton St. in July and 410 17th St. in April.
