The Colorado Education Association bought the 1500 N. Grant St. building in 1991, paying $750,000. It sold it this month for $4.5 million. (BusinessDen file)
School’s out at 1500 N. Grant St.
The Colorado Education Association sold its longtime 41,000-square-foot headquarters in Denver’s Cap Hill neighborhood last week for $4.5 million, 3 years after listing it for sale.
The buyer, Schralpin LLC, paid $110 a square foot — and millions less than the property’s original $6.9 million asking price.
CEA is the largest teachers union in the state, with about 40,000 members, and its headquarters afforded easy access to the Capitol building across the street.
Executive Director Kooper Caraway said in a statement that the organization’s “plans for the future CEA headquarters are underway,” but didn’t respond to questions seeking more specifics.
“We’re exploring options that align with our mission to better support our members,” Caraway said in the statement. “While we don’t have final details yet, we’re committed to keeping everyone informed as the process unfolds.”
Benchmark Commercial Real Estate brokers Tanner Mason and Jason Bollhoefner represented the seller.
“They just didn’t need that much in person space,” Mason said of the CEA. “They’ve owned this building for decades, and so they realize they should be good stewards and reduce their costs.”
The four-story building was erected in 1976 and last renovated 30 years ago, per the listing documents. The CEA moved into the space in 1991 after acquiring the property for $750,000. The building sits on a site that spans three quarters of an acre and includes over 60 parking spaces.
“We always had someone interested in the building … We were under contract more than that (the list price) a couple times, but the reality of the office market is reality of the office market,” Bollhoefner said.
Mason and Bollhoefner co-founded Benchmark in 2013 with now-retired broker Jeff Mason. The firm focuses on office and industrial assets. The two have another nearby office property hitting the market next month at 1010 Park Ave. in the Ballpark neighborhood.
On 1500 Grant, Mason said that his client didn’t want to go through “the lengthy process of a rezone or entitlement or redevelopment of the building,” which would have made it more desirable for some. The buyer, he said, will occupy some of the building for office space and lease out the rest.
Another hurdle in selling was the rapidly rising interest rates throughout the three years it sat on the market. When it was listed in September 2021, federal interest rates were essentially zero. Two years later, the rate was well over 5 percent.
“Ultimately, the location, the long-term location in Denver, is what intrigued everybody, including the buyer,” Mason said.
The Colorado Education Association bought the 1500 N. Grant St. building in 1991, paying $750,000. It sold it this month for $4.5 million. (BusinessDen file)
School’s out at 1500 N. Grant St.
The Colorado Education Association sold its longtime 41,000-square-foot headquarters in Denver’s Cap Hill neighborhood last week for $4.5 million, 3 years after listing it for sale.
The buyer, Schralpin LLC, paid $110 a square foot — and millions less than the property’s original $6.9 million asking price.
CEA is the largest teachers union in the state, with about 40,000 members, and its headquarters afforded easy access to the Capitol building across the street.
Executive Director Kooper Caraway said in a statement that the organization’s “plans for the future CEA headquarters are underway,” but didn’t respond to questions seeking more specifics.
“We’re exploring options that align with our mission to better support our members,” Caraway said in the statement. “While we don’t have final details yet, we’re committed to keeping everyone informed as the process unfolds.”
Benchmark Commercial Real Estate brokers Tanner Mason and Jason Bollhoefner represented the seller.
“They just didn’t need that much in person space,” Mason said of the CEA. “They’ve owned this building for decades, and so they realize they should be good stewards and reduce their costs.”
The four-story building was erected in 1976 and last renovated 30 years ago, per the listing documents. The CEA moved into the space in 1991 after acquiring the property for $750,000. The building sits on a site that spans three quarters of an acre and includes over 60 parking spaces.
“We always had someone interested in the building … We were under contract more than that (the list price) a couple times, but the reality of the office market is reality of the office market,” Bollhoefner said.
Mason and Bollhoefner co-founded Benchmark in 2013 with now-retired broker Jeff Mason. The firm focuses on office and industrial assets. The two have another nearby office property hitting the market next month at 1010 Park Ave. in the Ballpark neighborhood.
On 1500 Grant, Mason said that his client didn’t want to go through “the lengthy process of a rezone or entitlement or redevelopment of the building,” which would have made it more desirable for some. The buyer, he said, will occupy some of the building for office space and lease out the rest.
Another hurdle in selling was the rapidly rising interest rates throughout the three years it sat on the market. When it was listed in September 2021, federal interest rates were essentially zero. Two years later, the rate was well over 5 percent.
“Ultimately, the location, the long-term location in Denver, is what intrigued everybody, including the buyer,” Mason said.
