Denver, CO, US, Americas

1331 + 1401 17th St

Portfolio description

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

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Attributes

Number of buildings

Occupancy

59%

WAULT

2.9 years

Parking spaces

1,138

1331 + 1401 17th St (2 Properties)

Media

Investment Highlights

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.