物件概要
Jones Lang LaSalle Americas, Inc. (“JLL”), has been exclusively retained to present the rare investment opportunity to acquire 1900 Sixteenth (the “Building” or “Property”), an iconic and irreplaceable trophy office asset located adjacent to Union Station in the Lower Downtown(“LoDo”) neighborhood of Denver. Developed in 2009 and renovated in 2021, the 406,367 square foot (“SF”) ESG-focused tower defines the skyline at 17-stories and is one of the most sought-after buildings in the entire market.
Currently 87%* leased to a desirable roster of tenants including PricewaterhouseCoopers, First Western Trust, Analysis Group, and Meta, 1900 Sixteenth boasts continued leasing demand and significant rental rate growth year after year. This is exemplified by over 346,000 SF of new leases, renewals and expansions signed since 2021 alone, repeatedly setting new high-water mark rental rates for the Building.
1900 Sixteenth presents the Investor with the opportunity to acquire a prestigious trophy asset in a highly coveted location, at a significant discount to replacement cost with robust in-place cash flow and future mark-to-market upside. 1900 Sixteenth is a one-of-a-kind opportunity in downtown Denver’s best neighborhood.
*Adjusting to 82% in March 2025 after Meta right-sizes and extends.
特性
メディア
投資のハイライト
PROPERTY OVERVIEW
- Building Size: 406,367 SF.
- Year of Construction: 2009 | Renovated in 2021.
- Stabilized Lease-Up Opportunity: 87% leased, adjusting to 82% in March 2025 after Meta right-sizes and extends, offering robust in-place cash flow with upside potential.
- Tenants: 15 noteworthy and globally recognized tenants.
- WALT: 7.7 years.
- Parking: Above-market parking ratio of 1.3:1,000 SF across one-level of executive under-building parking and within a 6-story parking garage.
- ESG & Sustainability: Only multi-tenanted building to hold three simultaneous certifications of LEED Platinum (EB), LEED Gold CS (Core and Shell), and LEED A (Commercial Interiors) of 100% tenanted space.
- Additional Upside: Unique opportunity to potentially develop ±150 units of residential or ±150,000 SF of office on top of existing parking structure.
IDEAL COMBINATION OF STABILITY AND UPSIDE
- 346,000 SF of new leases, renewals, and expansions signed since 2021 alone.
- 81% of revenue over the next 5-years will be contractual, based on in-place leases.
- Can be acquired for a basis significantly below replacement cost.
- Offered with attractive seller financing.
CONFLUENCE OF LODO, UNION STATION & LOHI
- Ideally located in LoDo, Denver's most desired mixed-use submarket.
- Immediate access to Union Station and abundant walkable amenities including retail, restaurants, and Downtown’s greatest concentration of multi-family.
IN-DEMAND & SUPPLY- CONSTRAINED SUBMARKET
- With a current Class A vacancy rate of 9.6%, LoDo is the most sought-after submarket in downtown Denver for investors and tenants.
- Total tenant demand for LoDo exceeds available space in the submarket.
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