The Park Central building at 1515 Arapahoe St. on Feb. 28, 2025. (Matt Geiger/BusinessDen)
The Park Central office building in downtown Denver has a new owner.
The 550,000-square-foot building at 1515 Arapahoe St. was purchased by Fort Worth, Texas-based Crescent Real Estate last Wednesday.
Ben Molk, a Denver-based executive who oversees Crescent’s office holdings, said Park Central is 45% leased. Tenants include the Downtown Denver Partnership and office furniture firm Merchants & Co.
Molk said Crescent plans to “invest meaningfully into the asset,” but specifics are still being worked out.
“It’s already got a fantastic lobby and common areas,” he said.
Park Central is more sprawling than the typical downtown office building. It spans the entire 1500 block of Arapahoe and has three towers topping out at 16, 11 and 8 stories, according to Cushman & Wakefield, which markets its office space for lease.
The deed recorded by Denver last week was unusual in that it did not include a sales price.
Molk declined to discuss the deal’s valuation or structure in a call with BusinessDen. But he noted that atypical structures — like acquiring a tower by buying its loan in default, as happened at 410 17th St. — are becoming more common.
Park Central was sold by TR Park Central LLC, which purchased it in 2014 for $213 million, records show. It was 98% leased. At the time, Invesco Real Estate was identified as the firm behind that LLC.
But when TR Park Central LLC transferred ownership of the building last Wednesday, two executives at Principal Real Estate Investors signed on behalf of the entity.
Principal appears to have taken control of the LLC, and thus the building, between 2019 and 2023.
In 2019, records show, when the LLC took out a $110 million loan against the building from Mesa West Capital, it listed an address corresponding to Invesco’s Dallas office. In 2023, when the loan agreement was amended to increase the amount to $125 million, the LLC listed an address corresponding to a Principal office in Iowa.
Records recorded by Denver last week indicate that Crescent took over the existing Mesa West loan against the building. Mesa West didn’t respond to a request for comment.
Crescent’s other local holdings include the Riverpoint and Platte Fifteen buildings in LoHi, the 200 Columbine building in Cherry Creek and the Brown Palace hotel downtown.
“We’re very focused on this market,” Molk said.
The Park Central building at 1515 Arapahoe St. on Feb. 28, 2025. (Matt Geiger/BusinessDen)
The Park Central office building in downtown Denver has a new owner.
The 550,000-square-foot building at 1515 Arapahoe St. was purchased by Fort Worth, Texas-based Crescent Real Estate last Wednesday.
Ben Molk, a Denver-based executive who oversees Crescent’s office holdings, said Park Central is 45% leased. Tenants include the Downtown Denver Partnership and office furniture firm Merchants & Co.
Molk said Crescent plans to “invest meaningfully into the asset,” but specifics are still being worked out.
“It’s already got a fantastic lobby and common areas,” he said.
Park Central is more sprawling than the typical downtown office building. It spans the entire 1500 block of Arapahoe and has three towers topping out at 16, 11 and 8 stories, according to Cushman & Wakefield, which markets its office space for lease.
The deed recorded by Denver last week was unusual in that it did not include a sales price.
Molk declined to discuss the deal’s valuation or structure in a call with BusinessDen. But he noted that atypical structures — like acquiring a tower by buying its loan in default, as happened at 410 17th St. — are becoming more common.
Park Central was sold by TR Park Central LLC, which purchased it in 2014 for $213 million, records show. It was 98% leased. At the time, Invesco Real Estate was identified as the firm behind that LLC.
But when TR Park Central LLC transferred ownership of the building last Wednesday, two executives at Principal Real Estate Investors signed on behalf of the entity.
Principal appears to have taken control of the LLC, and thus the building, between 2019 and 2023.
In 2019, records show, when the LLC took out a $110 million loan against the building from Mesa West Capital, it listed an address corresponding to Invesco’s Dallas office. In 2023, when the loan agreement was amended to increase the amount to $125 million, the LLC listed an address corresponding to a Principal office in Iowa.
Records recorded by Denver last week indicate that Crescent took over the existing Mesa West loan against the building. Mesa West didn’t respond to a request for comment.
Crescent’s other local holdings include the Riverpoint and Platte Fifteen buildings in LoHi, the 200 Columbine building in Cherry Creek and the Brown Palace hotel downtown.
“We’re very focused on this market,” Molk said.
