JV Buys Distressed Denver Highrise

Two real estate investment firms have teamed up to buy The 410, a 24-story office building located in the heart of Downtown Denver. Cress Capital, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently negotiated a deed-in-lieu of foreclosure with the prior owner, Ares Management. With an original balance of $113 million, the loan’s unpaid balance was $96.2 million.

Situated at 410 17th Street, the property underwent a major renovation in 2021 and includes approximately 440,000 square feet of office space and a detached eight-story parking structure.

Located within blocks of the Colorado State Capitol, the property features a contemporary lobby and an array of premium amenities, including a state-of-the-art fitness center, conference and training facilities, an inviting outdoor tenant lounge, and the Little Owl Coffee Bar. Nearly 35,000 square feet of spec suites are ready for immediate occupancy.