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