The eight-story Hub North building at 3660 Blake St. in Denver. (Courtesy JLL)
A second recently completed RiNo office building has been surrendered to a lender.
On Tuesday, ownership of the Hub North office building at 3660 Blake St. in Denver was transferred to an affiliate of Ares Commercial Real Estate Management, according to public records.
Joshua Dapice, an executive at Farallon Capital, signed the paperwork transferring the real estate.
Farallon announced in 2021 that it and Eagle Point Capital Partners had bought the eight-story, 111,000-square-foot structure for $40.5 million. The two firms financed the buy with a $37.3 million loan from Ares, records show.
That loan matured in September 2024, although the agreement allowed for two one-year extensions, per the loan documents. Maturity refers to the point by which a loan must be repaid in full.
Farallon didn’t respond to requests for comment Thursday.
The website for Eagle Point Capital Partners is no longer online. Eagle Point co-founders Josh Hatfield and Alex Vouvalides are now listed as top executives at Chicago-based ShopCore Properties. They did not respond to requests for comment made through ShopCore.
Hub North was completed in 2020 by Boston-based Beacon Capital Partners, which also developed the adjacent, larger Hub office building at 3601 Walnut St. The structures are connected but under separate ownership.
Hub North was vacant when Farallon and Eagle Point bought it. But it picked up a few tenants in recent years. California-based architecture firm KTGY was the first to commit, moving its Denver office there from downtown. And The Colorado Trust, a private philanthropic foundation, took the building’s top floor last year.
CoStar lists the building as 75 percent leased.
In RiNo — a former warehouse district turned nascent office market with about 10 major buildings — Hub North follows in the steps of Rev360, which San Francisco-based Shorenstein surrendered to its lender in December. That 170,000-square-foot building has been vacant since it was completed in 2020.
The eight-story Hub North building at 3660 Blake St. in Denver. (Courtesy JLL)
A second recently completed RiNo office building has been surrendered to a lender.
On Tuesday, ownership of the Hub North office building at 3660 Blake St. in Denver was transferred to an affiliate of Ares Commercial Real Estate Management, according to public records.
Joshua Dapice, an executive at Farallon Capital, signed the paperwork transferring the real estate.
Farallon announced in 2021 that it and Eagle Point Capital Partners had bought the eight-story, 111,000-square-foot structure for $40.5 million. The two firms financed the buy with a $37.3 million loan from Ares, records show.
That loan matured in September 2024, although the agreement allowed for two one-year extensions, per the loan documents. Maturity refers to the point by which a loan must be repaid in full.
Farallon didn’t respond to requests for comment Thursday.
The website for Eagle Point Capital Partners is no longer online. Eagle Point co-founders Josh Hatfield and Alex Vouvalides are now listed as top executives at Chicago-based ShopCore Properties. They did not respond to requests for comment made through ShopCore.
Hub North was completed in 2020 by Boston-based Beacon Capital Partners, which also developed the adjacent, larger Hub office building at 3601 Walnut St. The structures are connected but under separate ownership.
Hub North was vacant when Farallon and Eagle Point bought it. But it picked up a few tenants in recent years. California-based architecture firm KTGY was the first to commit, moving its Denver office there from downtown. And The Colorado Trust, a private philanthropic foundation, took the building’s top floor last year.
CoStar lists the building as 75 percent leased.
In RiNo — a former warehouse district turned nascent office market with about 10 major buildings — Hub North follows in the steps of Rev360, which San Francisco-based Shorenstein surrendered to its lender in December. That 170,000-square-foot building has been vacant since it was completed in 2020.
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