Newport Beach, Calif.-based real estate investment firm Cress Capital recently announced that it had purchased a local skyline icon in downtown Denver. Driven by confidence in the Mile High office market, the firm partnered with locally based E2M Ventures to acquire the loan on the 24-story office building at 410 17th St. earlier this year. Cress subsequently negotiated ownership of the property through a deed-in-lieu of foreclosure with the previous owner.
The firm expects to accelerate its investments in office assets across the country. Cress Managing Partner Ryan Parkin commented on current investment conditions in the U.S. office market, which have been facilitated by rising interest rates and changes in office occupancy:
“This era will offer historic entry points to acquire quality assets that we believe will generate superior risk-adjusted returns,” Parkin said. “With hundreds of billions of dollars of loan maturities facing office owners, we expect to see significant deal flow and more opportunities like The 410.”
Cress now owns the more than 430,000 square feet of class A downtown Denver office space at 410 17th Street. Property image courtesy of CommercialEdge.com
The 410 — an imposing office building that was originally constructed in the 1970s — incorporates more than 430,000 square feet of rentable class A Denver office space, along with some retail. It also features a detached, eight-story parking structure.
Most recently renovated in 2021, the central business district property has earned LEED Gold certification. Premium amenities at The 410 include a state-of-the-art fitness center; on-site conference and training facilities; an outdoor tenant lounge; and a Little Owl Coffee bar. Prospective tenants looking to lease office space in downtown Denver have a choice of nearly 35,000 square feet of meticulously crafted and thoughtfully designed spec suites that are ready for immediate occupancy.
Highly transit-oriented, the office building is located within less than half a mile of multiple mass transit stations. What’s more, The 410 is just a few blocks away from the Colorado State Capitol, which places it within convenient proximity of a wide array of neighborhood amenities and points of interest.
“With well-capitalized and stable ownership behind the project, The 410 will be at the top of its competitive set, offering tenants an unparallelled, hospitality-driven experience,” said Tom Parnell, managing partner at Cress. “We believe in the resurgence of downtown Denver and that The 410 will contribute to Denver’s ongoing economic growth.”
Office space at The 410 in downtown Denver is LEED Gold certified. Property image courtesy of CommercialEdge.com
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