The five-story Rev360 office building was completed in July 2020. No one has ever moved in. (BusinessDen file)
The unluckiest office building in Denver has been given to its lender.
San Francisco-based Shorenstein gave up the keys to the Rev360 building in RiNo last week, according to public records.
The five-story, 170,000-square-foot building at 3600 Brighton Blvd. has sat empty since it was completed in mid-2020, a full four-and-a-half years ago.
On Friday, records show Shorenstein transferred ownership of the building to an LLC affiliated with Blackstone Mortgage Trust. Shorenstein took out a $67.7 million loan from Blackstone in January 2022, shortly after buying Rev360 for $72 million.
Reached by BusinessDen on Monday, Shorenstein declined to comment.
Rev360 was developed by Haselden Construction executive Ed Haselden in partnership with Keystone Equities, Rob Cohen and Tributary Real Estate. The group broke ground in spring 2019, and had originally planned to “stabilize and sell” the building after completion — basically, find a buyer once much of the space had been leased.
They did have a tenant for a time. Before the building broke ground, the coworking firm WeWork signed to take two of the office floors. But WeWork faltered amidst a late 2019 attempt to go public, and in 2020, the company paid to terminate its lease at Rev360, having never set up shop there.
A “For Lease” sign sits in the window of Rev360 at 3600 Brighton Blvd. in Denver on July 18, 2024. (BusinessDen file)
Haselden and his partners were left with a spec building amidst the pandemic. The amount WeWork paid “allowed us to carry the building for another 18 months,” Haselden told BusinessDen in July.
But leasing efforts failed to bring in another tenant and, with the project’s construction loan coming due in early 2022, Haselden and his partners opted to sell to Shorenstein for what he described as “basically replacement cost.”
The building never secured a tenant during Shorenstein’s three years of ownership, even as multiple other new RiNo office buildings managed to lure companies.
“It is a great asset. It just got caught in a combination of a hurricane, a cyclone and a tornado — all three combined,” Haselden said in July.
Shorenstein has real estate holdings around the country. It also co-owns the One Platte office building at 1701 Platte St. in Denver.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The five-story Rev360 office building was completed in July 2020. No one has ever moved in. (BusinessDen file)
The unluckiest office building in Denver has been given to its lender.
San Francisco-based Shorenstein gave up the keys to the Rev360 building in RiNo last week, according to public records.
The five-story, 170,000-square-foot building at 3600 Brighton Blvd. has sat empty since it was completed in mid-2020, a full four-and-a-half years ago.
On Friday, records show Shorenstein transferred ownership of the building to an LLC affiliated with Blackstone Mortgage Trust. Shorenstein took out a $67.7 million loan from Blackstone in January 2022, shortly after buying Rev360 for $72 million.
Reached by BusinessDen on Monday, Shorenstein declined to comment.
Rev360 was developed by Haselden Construction executive Ed Haselden in partnership with Keystone Equities, Rob Cohen and Tributary Real Estate. The group broke ground in spring 2019, and had originally planned to “stabilize and sell” the building after completion — basically, find a buyer once much of the space had been leased.
They did have a tenant for a time. Before the building broke ground, the coworking firm WeWork signed to take two of the office floors. But WeWork faltered amidst a late 2019 attempt to go public, and in 2020, the company paid to terminate its lease at Rev360, having never set up shop there.
A “For Lease” sign sits in the window of Rev360 at 3600 Brighton Blvd. in Denver on July 18, 2024. (BusinessDen file)
Haselden and his partners were left with a spec building amidst the pandemic. The amount WeWork paid “allowed us to carry the building for another 18 months,” Haselden told BusinessDen in July.
But leasing efforts failed to bring in another tenant and, with the project’s construction loan coming due in early 2022, Haselden and his partners opted to sell to Shorenstein for what he described as “basically replacement cost.”
The building never secured a tenant during Shorenstein’s three years of ownership, even as multiple other new RiNo office buildings managed to lure companies.
“It is a great asset. It just got caught in a combination of a hurricane, a cyclone and a tornado — all three combined,” Haselden said in July.
Shorenstein has real estate holdings around the country. It also co-owns the One Platte office building at 1701 Platte St. in Denver.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
