December 21, 2015— Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged $14.3 million acquisition financing for 475 17th Street, a 16-story, 151,425-square-foot office building in Denver’s central business district.
HFF marketed the asset on behalf of the seller, 475 Investment Partners, a local investment partnership. Phoenix Property Company purchased the building for $26 million. Lincoln Property Company will provide property management and leasing services. Additionally, HFF assisted the new owner in securing a $14.3 million, five-year, fixed-rate loan through Principal Real Estate Investors.
475 17th Street is located at 17th and Glenarm in the heart of Denver’s central business district, close to an array of amenities including Denver Pavilions, which offers more than 40 shops, restaurants and entertainment venues, the 16th Street Mall, and many of the premier hospitality and entertainment options Denver has to offer. This location along 17th Street, commonly known as “The Wall Street of the West”, offers immediate access to the Free MallRide and the Free MetroRide that connect the property to the Union Station transit hub serving the entire Rocky Mountain West region. Vehicular access is provided via Lincoln and Broadway, major north and southbound arteries, and 20th Street, which connects the property to Interstate 25. Originally completed in 1975, 475 17th Street has undergone more than $1 million in capital upgrades since 2012, including an updated lobby and two-story atrium. The property is 93 percent leased to 32 tenants in the higher education, energy and professional services industries.
The HFF investment sales team was led by senior managing directors John Jugl and Mary Sullivan.
HFF’s debt placement team was led by associate director Leon McBroom and senior managing director John Rose.
[button href=”https://www.hfflp.com/media-center/press-releases/132545/hff-closes-26-million-sale-and-arranges-14-3-million-financing-for-475-17th-str.aspx” style=”emboss” size=”medium” color=”#81d742″ hovercolor=”#1e73be” target=”_blank” icon=”external-link”]Source: HFF[/button]