News

RiNo’s Hub North Sells For $33M After Foreclosure Saga

The Hub North in Denver’s River North Art District has its fourth owner in five years.

 A Google Maps Street View image of The Hub North
The Hub North

An organization with ties to Tourmaline Capital Partners, based in Pennsylvania, picked up the eight-story office building at 3660 Blake St. last week for $33M, the Denver Business Journal reported.

The sale comes months after lender Ares Commercial Real Estate Management took control of the property pending foreclosure.

Eagle Point Capital and Farallon Capital paid $40.5M for the 109K SF building in 2021, financing it with a $37.3M loan from Ares. That loan matured last fall. Ownership gave up the keys in March, one of the first major RiNo offices to collapse under debt pressure.

The Hub North opened in 2020 as the second phase of a two-building campus developed by Beacon Capital Partners. It includes more than 8K SF of ground-floor retail.

The property isn’t immune to leasing struggles. The Colorado Trust moved in earlier this year, but startup Bitewell’s entire floor is now up for sublease. JLL lists nearly 38K SF available across four spaces.

The handoff is part of a wave of distress that has rippled through RiNo. Industry RiNo Station's owners stopped paying on its $60M loan earlier this year, and Zeppelin Station landed in receivership in 2024. Rev360 sold at a steep loss in January.

Denver’s office market remains shaky, with more than a quarter of CMBS loans delinquent, per Trepp data, and vacancy pushing 30% across the city, according to CBRE.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Denver Newsletters
Related Stories

Law Firms Drive Boston Office Rents To Record Highs

Coworking Space With Golf Simulators Opens In Cherry Creek: The Denver Deal Sheet

3 Houston Office Properties, Vacant To Nearly Full, Change Hands

Deutsche Hypo Finances Zadelhoff's Amsterdam Offices With €75M Loan

SFF Realty Partners Extends Spending Spree With $82M Acquisition In Downtown San Jose

Drawbridge Realty Acquires 180K SF Office Building In Sunnyvale For $219M

Downtown Los Angeles Retail, Office Hub The Bloc Up For Sale

Distress Divide: How Private vs. Institutional Investors Are Thinking About D.C. Office

Interest Rate Hike Douses Outlook For Atlanta Developers

Chicago Office Deals Feature More Scrutiny, Added Tenant Protections

Tishman Speyer Retakes Chrysler Building, Plans $235M Renovation

Activist Investor Buys Stake In Empire State Building Owner