Jeff Hermanson is looking to redevelop portions of the block, saying it would make it financially feasible to undertake tens of millions in needed renovations.
Thomas covers commercial real estate, development and law. He is a graduate of the University of New Hampshire and previously worked as a business reporter at the Springfield News-Leader. Email him at [email protected].
Seller: “Most people, even in the real estate industry, don’t know it’s an office building.”
Denver-based BMC Investments and California-based Oak Coast Properties plan to rebrand the complexes just outside Denver city limits as Ivy Crossing.
Although the properties were marketed as a redevelopment opportunity, the buyer doesn’t have immediate plans to alter the site along Curtis Street.
A downtown Golden building sells for $16M, a hotel near Denver Health fetches $27M and Savills Studley reports the week’s largest lease.
The new owner plans to develop an apartment building on one of the lots.
The previous high mark was set in August when the downtown Ritz-Carlton sold for about $496,000 per room.
Tech company Xactly has joined Chase atop 1125 17th St.
“We just don’t have enough high-quality beds at an affordable price point in Denver,” said Fiona Arnold.
Departure is looking for space elsewhere in the city, according to its operator.