Building Purchase is URG’s Third Local Investment as Company Continues Expansion in Denver Market
100,000 Sq. Ft. Office, Broadcasting Studio Near Denver’s Central Business District; Property is Fully Occupied by Tribune Media Company on a Long-Term Lease
Denver, Colo., January 27, 2017 – Urban Renaissance Group (www.urbanrengroup.com) (URG) today announced its purchase of the 100 Speer building near downtown Denver’s central business district. The seller was a subsidiary of Tribune Media Company. Financial terms of the deal were not disclosed.
“As the city continues to grow, we believe strongly in this location—especially given its proximity to downtown, Cherry Creek and I-25. We believe growth will continue south of the Central Business District and in this corridor.” said URG Founder and Chief Executive Officer, Patrick Callahan. “We’re thrilled to add 100 Speer to our expanding portfolio.”
Totaling 100,000 sq. ft. of office and broadcast-studio space, 100 Speer represents URG’s third purchase in Denver. One hundred percent occupied by Tribune Broadcasting Denver, LLC, the site’s existing tenant will remain through their long-term lease.
“Not only is this a superior long-term location—we also believe in 100 Speer’s existing tenant,” continued Callahan. “Originators of media content are a wise long-term investment and we’re pleased that Tribune will remain in the building.”
Office, Broadcasting Studio in Central Denver Location
Built in 2000, the three-story 100 Speer building is located in the Cherry Creek North shopping district and features easy access to Cherry Creek and many walkable amenities. The building includes 198 parking spaces and 100,000 sq. ft. of office, alternative space and filming studios.
URG’s Continuing Investment in Denver Market
With a growing population of nearly three million people and $7 billion dollars in recent transit infrastructure investment, Denver has experienced low unemployment, strong job growth and has consistently been named one of the country’s “Best Places to Live.”
URG owns or operates a nine million sq. ft. office investment and management portfolio across Washington, Oregon and Colorado and began pursuing property investments in Denver in 2014. URG principals have significant operating and investment experience in the Denver market.
Most recently, URG and Stars Investments announced their purchase of the 2301 Blake Street office and retail building near downtown Denver in the River North (RiNo) Arts District neighborhood.
Totaling approximately 55,000 square feet of Class A commercial office and retail space, the historic 2301 Blake Street is occupied by coworking firm Spaces, a Regus brand, and sports pub Blake Street Tavern, located in the building’s 20,000 sq. ft. retail space.
In addition to 2301 Blake Street, Urban Renaissance Group and Stars Investments also purchased Market Center at the crossroads of Denver’s popular Lower Downtown (LoDo) and midtown neighborhoods in September 2015.
Currently 96 percent leased, the historic Market Center building features contemporary finishes, environmentally-conscious design, shared conference and collaborative gathering spaces, skylights and an atrium maximizing natural light.
URG, Stars Investments and City Street Investors are planning a significant repositioning of Market Center, including redesigning the retail and pedestrian experience at the building. They recently signed a new lease with Oskar Blues Brewery, which will open in 2017.
About Urban Renaissance Group
Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.