Descripción del portafolio
JLL is pleased to offer investors the opportunity to acquire 1331 & 1401 17th Street; two prominently located office assets at one of Lower Downtown’s (LoDo) most desirable corners.
- Located in LoDo, Denver CBD’s best performing office market
- Combined assets contain 8.5% of public parking in LoDo Submarket
- Proven recent leasing demand from tenants in the market
- In-place rents 38% below market rates
- $20M in building improvements spent by current ownership
- Major spec suite and common area renovations minimize additional required CapEx
- Developed prior to the LoDo height restriction, offering competitive view advantage
- Assets can be acquired individually or together
Atributos
Medios
Aspectos destacados de la inversión
Leasing in Denver has heavily favored the LoDo submarket, particularly with ready-built spaces. The positive leasing momentum occurring at the buildings offers a strong tailwind to the investor in maintaining and growing this activity through new spec suites.
Each asset is materially overparked, with a combined parking count that comprises 8.5% of all public parking in LoDo. These garages provide durable income from transient and monthly parkers. At the Property level, current ownership has invested nearly $20M in capital investments across the two buildings, thus lowering the need for back-of-house spending.
Together or separately, 1331 & 1401 17th Street offer the investor value-add lease-up in the buildings along with meaningful parking revenue in downtown Denver’s most supply constrained and in-demand submarket.
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