Page 28 —
COLORADO REAL ESTATE JOURNAL
— January 6-January 19, 2016
Office
by Jill Jamieson-Nichols
Stoltz Real Estate Partners
tracked down another historic
building in Lower Downtown
to add to its growing portfolio of
Denver office assets.
The 18th Street Atrium, which
Stoltz bought in a $44million, off-
market deal, is the largest of four
historic brick-and-timber build-
ings the company has acquired
in LoDo. The 117,469-square-foot
building is located at 1621 18th
St., a block away from Denver
Union Station.
The 18th Street Atrium was
built as a fruit and vegetable
warehouse in 1919 and convert-
ed to office space in the early
1980s. The office spaces sur-
round an atrium that bathes the
building’s four-story interior in
natural light.
Seller Toma West collected
$374.57 per sf for the building.
The deal also included a parking
garage at 1890 Wynkoop St.
Geoff Baukol, a senior vice
president in CBRE’s investment
properties group, said the sup-
ply of “true” brick-and-timber
buildings in Lower Downtown
isn’t that great, and at more than
117,000 sf, 18th Street Atrium is
a substantially sized building in
that asset class.
“There is incredible demand
for that type of product in LoDo,
and you are right across the street
from Union Station. That’s just a
fantastic combination, and that’s
why the building is 100 percent
leased,” he said.
Intrawest, which owns the
Winter Park and Steamboat
ski areas, among other moun-
tain resorts, occupies approxi-
mately 35,000 sf in the building.
Zayo Group, a communications
company, has 30,000 sf, and
Mortensen Construction occu-
pies approximately 25,000 sf.
Most of the building’s tenants
are on relatively long-term lease
commitments.
Stoltz Real Estate Partners’
other Lower Downtown assets
include the Hedges-Atkins Sup-
ply Co. Building at 1730 Blake
St. and Elephant Corral at 1444
Wazee St., both of which it
bought this year, and the Cable
Building at 1801 Lawrence St.
The Pennsylvania-based real
estate fund manager also owns
suburban Denver office assets,
including Ridgeline Tech Cen-
ter in Highlands Ranch and
Meridian Corporate Center in
Englewood.
s
CoStar Group
The building at 18th and Wynkoop streets was built as a fruit and veg-
etable warehouse in 1919.
by Jill Jamieson-Nichols
Panorama Corporate Cen-
ter’s owner sold one of seven
buildings in the office park to a
Greenwood Village investment
company for $9.08 million, or
$178.48 per square foot.
Miller Global Properties sold
Panorama X, a 50,874-sf build-
ing, to The Chotin Group. The
three-story building at 9100 E.
Panorama Drive in Englewood
is 100 percent leased to four
credit tenants: Stonebridge Cos.,
Telesphere, Webfilings LLC and
Illumiti.
The property represents
a great long-term hold for
the
buyer,
a c c o r d i n g
to
Patrick
Devereaux of
JLL, who rep-
resented the
seller with
JLL’s Jason
Schmidt.
“It’s a tre-
mendous l y
high-quality
asset that’s always going to
outperform the market because
of great occupancy and lease
rates,” he said. “I think we had
close to 10 offers.”
Panorama Corporate Center’s
developer, CarrAmerica Realty
Corp., developed and occupied
the building, which was com-
pleted in 2000.
“This building was originally
occupied by CarrAmerica, and
this is the building that they put
their corporate offices in,” said
Devereaux. The building has
high-end finishes and an above-
market parking ratio of 4:1,000.
“It is 100 percent leased by
tenants that have a long-term
history of occupancy in the
building and that has tremen-
dous access off of the highway.
Panorama Corporate Center X is one of the highest-quality assets of its
size in Denver, said JLL’s Patrick Devereaux.
Patrick Devereaux
