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Boulder-based Conscience Bay Co. purchased Industry Denver at 3001 Brighton Blvd. for $19M, according to the Denver Business Journal.
Lenders had sued the property's previous owner, Clarion Partners, claiming Clarion had defaulted on its mortgage.
American General Life Insurance Co. and American Home Insurance Co., both subsidiaries of American International Group, lent Clarion $32M in 2016. The debt matured in November, with $29M left on the note, the Denver Business Journal reported.
The sale to Conscience Bay represents a 33% loss relative to its 2016 sale price.
Built in the 1940s as a cold storage warehouse, the building was converted for modern commercial use in 2013, serving as one of the first coworking spaces in the city. Conscience Bay will upgrade the space and continue operating it as coworking.
“This is an asset that has played a pivotal role in shaping the RiNo Art District over the last decade-plus,” Ben Woolf, director of commercial real estate investments at CBC, said in a statement. “We're eager to continue the tradition of creative entrepreneurship in this historic building. By reinvesting in this space, we aim to restore it as a true destination — a place where teams are excited to come to work each day and collaborate in a uniquely RiNo environment.”
The building will be rebranded as Fabrica RiNo and will lease offices from 500 SF to 12K SF.
More than 20 companies are housed in 3001 Brighton Blvd., and CBC will invest in the building’s amenities, common spaces and tech infrastructure.
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