RiverRock-eting Into Denver
On the back of AEW Capital Management, RiverRock Real Estate Group has entered Denver with big plans to expand its presence here. RiverRock a property management firm out of California has taken over management of a 630k SF AEW office/industrial portfolio here, including The Centerra Building at 1873 S Bellaire St and Sheridan Center North at 1777 S Bellaire St. "We're definitely using this as a platform, as a springboard, into Denver," says RiverRock's Steve Core. (For any sci-fi nerds out there, think of it like a Stargate.) The firm's already hired a local staff as well.
Why Denver: Other than AEW wanted the firm to handle its stuff here (including Sheridan here). That's because a lot of institutional level investors are taking a real interest in Denver real estate now. After the recession passed and Denver rebounded in spades, many of RiverRock's institutional buyers are looking for property here. "You can still find some nice products at attractive rates," he says. "Our clients have just identified that there's value to be had out there." (It's also fun to watch Peyton Manning.)