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Unico Properties Sees Value of LoDo Office Product
A two-property office portfolio totaling 170,472 square feet recently sold for $85.5 million in the sought-after Lower Downtown (LoDo) District in Denver. Unico Properties purchased the asset.
The portfolio comprises the 118,281-square-foot building at 1755 Blake and the historic brick-and-timber Hardware Block building at 1515-1527 Wazee St.
1755 Blake is a five-story LEED-certified brick building that was completed in 2008 and recently renovated. The 77.1 percent-leased building also has a subterranean parking garage with 148 spaces.
The fully leased five-story Hardware Block building was originally constructed in 1895 and most recently renovated in 2001. The building contains 52,191 rentable square feet of office space through floors one through four and 41 subterranean parking stalls.
LoDo has low vacancy, strong tenant demand and surrounding amenities. The area is anchored by Denver Union Station transportation complex, which is a short walk from both properties.
The JLL team representing the seller was led by Mark Katz and Peter Merrion.
- ◦Sale/Acquisition
