City Center

707 & 717 17th Street, Denver CO 80202

投资组合描述

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire City Center (the “Property” or “Buildings”), a premier two-building complex located at 707 and 717 17th Street in Denver, Colorado. The offering can be purchased together as a portfolio, or separately as individual assets. The Property spans 1,284,871 rentable square feet, comprising of 707 17th Street (579,141 sf) and Johns Manville Plaza (705,730 sf), standing at 42 and 29 stories, respectively.

Currently 50.1% occupied with a weighted average lease term (WALT) of 7.0 years, City Center offers investors stable in-place cash flow and significant upside potential. The Buildings completed lobby renovations in 2024 and feature best-in-class amenities, including high-end finishes and unparalleled views, which have driven the successful capture of two of the three largest leases signed in Denver’s Central Business District since January 2020 (Johns Manville (AA) and CDLE (AA)). A substantial portion of vacancies at 707 17th Street (67%) and Johns Manville Plaza (53%), representing 59% of the portfolio, are in excellent, market-ready condition and require minimal additional investment. A new owner can capitalize on outsized tenant demand for move-in ready spaces and offer flexible, short-term, low-cost leases and expedite occupancy as the market continues to recover.

Situated directly on Denver’s busiest light rail lines and atop the prestigious Hilton Denver City Center, this Property offers a rare opportunity to acquire an improved, income-generating investment in one of Downtown Denver’s most vibrant and active city blocks.

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属性

建筑总面积

119,368 平方米

加权平均未到期租赁期

7 年

租户信用评级

翻新年份

2024

City Center (2个物业)

媒体

投资亮点

LONG HISTORY OF INSTITUTIONAL OWNERSHIP: Built by Denver’s renowned developer Micky Miller and institutionally owned since 2002, Denver City Center remains among the most impeccably designed, meticulously maintained, and visually striking buildings in Downtown Denver.

SECURED BY INVESTMENT GRADE CREDIT TENANCY: City Center’s long Weighted Average Lease Term (WALT) is strengthened by high-quality tenants with investment grade credit ratings, including Johns Manville (AA), CDLE (AA), and Marketo/Adobe (A).

2 OF 3 LARGEST LEASES IN DENVER’S CBD SINCE PANDEMIC BEGAN: City Center secured two of the three largest leases in Denver’s CBD since January 2020, Johns Manville and the Colorado Department of Labor, demonstrating outlier ability to capture Denver’s most noteworthy tenant demand and mirroring its pre-pandemic performance as one of the best performing assets in Midtown.

PERFECTLY POSITIONED TO CAPTURE OUTSIZED LEASING ACTIVITY: Centrally located in Downtown Denver, City Center is perfectly positioned to capture outsized leasing activity due to its prime location, unmatched access to Light Rail, and best-in-class amenities, including recently renovated lobbies, on-site retail, unparalleled views, and efficient tenant floorplates.

FULLY AMENITIZED: Expansive fitness center (707), showers and lockers (707), conferencing facilities (707) and brand-new tenant lounges (707 + 717). Opportunity to add building-dedicated amenities to the 6th floor at 717 17th.

DISTINGUISHED FLOORPLATES & VIEWS: ±25,000 SF floorplates with expansive window lines and, offering views rivaling Denver’s tallest new developments. Both the CDLE and Johns Manville spaces are located in the lower block of each asset, paving way for future leasing in spaces with the best views in the Building.