The University of Colorado Denver purchased Independence Plaza for nearly $28M, significantly less than what the 567K SF office tower sold for in 2007 and about $2M less than the expected purchase price reported in June.
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The university, in partnership with Denver Economic Development & Opportunity, will turn a portion of the 25-story building at 1050 17th St. into a 30K SF innovation and entrepreneurship hub.
Denver’s Downtown Development Authority approved $4.5M for the hub in June. An additional $1.5M for the project will come from DEDO, according to the Denver Business Journal.
“This new innovation hub brings opportunity for students and educators to not only connect and join the workforce that surrounds them in downtown, but to turn their ideas into successful startups and businesses,” Denver Mayor Mike Johnston said in a statement. “And with thousands of students learning, creating, and building their futures here, CU Denver will bring new energy and vitality to our city center, helping make downtown an even more vibrant place to live, work, learn, and innovate.”
SALES
The Denver Broncos purchased about 10 acres from SRM Concrete for $55M, according to the DBJ. The land is in the Burnham Yards area, where the Broncos are considering building a new stadium and entertainment district by 2031.
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Iconic hotel The Broadmoor purchased 10 Lake Circle, a building that has sat on the hotel’s property since 1957. The building was previously owned by El Pomar Foundation. The foundation’s staff will move out of the space by the end of next June. Terms of the deal weren’t disclosed.
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Las Vegas-based real estate investment firm Sierra Parkway Communities purchased Golden’s Fox Hill Apartments for $32M. This is the sixth apartment sale in Golden since 2021, according to JLL, which represented the seller. The 153-unit complex at 17611 W. 16th Ave. was previously owned by local property management company Monarch Investment & Management Group.
LEASES
Spa Glosshouz is opening its first franchise location at 357 S. Bannock St. later this year. The flagship Colorado location will be owned and operated by investor and financial consultant Nora Alkayali.
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Flexible legal talent company Latitude opened a regional office at 999 18th St. in Denver’s Central Business District. The company hired David Hamm as the founding partner of Latitude’s Denver office.
CONSTRUCTION AND DEVELOPMENT
Terra CO2, a company developing a low-carbon cement, broke ground on a new materials lab, R&D facility and headquarters in Golden. The 30K SF facility at 1341 Avery St. will increase the company’s office space by 300%, according to MileHighCRE. The development is expected to be complete in the first quarter, Terra CO2 said in a statement.
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Landmark Properties, Silverpeak Real Estate Partners and Peninsula Investments delivered an off-campus student housing community in Fort Collins called The Mark Fort Collins. The six-story, 397-bed property at 255 Johnson Drive is less than half a mile from Colorado State University.
