April 20-May 3, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 11
Office
Land a t C - 4 7 0 & Qu i nc y
Bob Pipkin &
Jeff LaForte
(303) 534-4822
5300 DTC Pkwy, Suite 100, Greenwood Village, CO 80111
Prime site consists of two lots totaling five acres for sale along
Turkey Creek Rd. near C-470. Home Depot is directly east
across C-470 from the property. Zoned ODP. Following uses
include: hotels, restaurants, retail, office, flex, warehouse,
medical, theaters, daycare, recreational and more. Call for ad-
ditional information.
by Jill Jamieson-Nichols
Unico Properties LLC con-
tinues to be an active buyer in
downtown Denver, picking up
1875 Lawrence in an off-market
transaction.
Public records show Unico
paid $63.75 million, or $327.69
per square foot, for the 194,541-
sf building, which was approxi-
mately 80 percent occupied at
the time of the sale. Unico plans
to invest in tenant amenities and
energy savings measures, similar
to its investment strategies at 17th
and Larimer and Writer Square.
“We worked directly with the
seller and its broker, HFF LP, to
buy an asset in a location that
is growing and evolving from
good to really
good and get-
ting better,”
said Austin
Kane, Unico
P r o p e r t i e s
vice president
and regional
director for
Denver and
Boulder. “We
will invest in
1875 Lawrence to further elevate
the building’s image, significant-
ly improve our building ameni-
ties and create a premier work
environment for a wide range of
businesses.”
Sellers DPC Development Co.
and Bridge Investment Group
bought the property for $46.7
million just over two years ago.
“This was a nice asset for us
and a pleasure to own,” said
DPC President Chris King. “We
purchased the building when it
was less than 50 percent leased,
made improvements and raised
occupancy to just over 80 percent.
After we did the heavy lifting,
our partners at Bridge Invest-
ment Group and we decided to
sell the asset to a group with
long-term ownership plans,” he
said. “This is a great building
with inherent long-term value,
and I think this worked out well
for all parties,” he said.
DPC Acquisitions Director Jus-
tin Lutgen, and HFF’s John Jugl
and Mary Sullivan orchestrated
the sale.
Unico Properties noted 1875
Lawrence is situated at the con-
fluence of three of Denver’s
most dynamic areas: downtown,
Lower Downtown and River
North.
Built in 1982, the 15-story
brick and concrete building has
views due to its glass line as well
as height restrictions in LoDo.
Including a lobby renovation,
more than $4 million has been
invested in the building since
2011. Unico Properties plans to
build upon prior renovations
by adding a new fitness center
with locker rooms and show-
ers; bike storage; a conference
room; restroom, common corri-
dors and lobby modernization;
new lighting and a 24-hour secu-
rity system; and energy-efficient
upgrades. It will pursue LEED
certification.
“With other properties we’ve
purchased in downtown Denver,
we have had to make massive
improvements, both cosmetic
and back of house. At 1875 Law-
rence, we have a core asset with
great bones. Our task now is to
use our property management,
leasing and sustainability exper-
tise and skills to prepare 1875
Lawrence to serve tenants’ needs
well into the 21st century,” Kane
said.
Some open ceilings and open
office space will be created to
appeal to technology and creative
companies looking for collab-
orative work environments. The
building houses a wide spectrum
of tenants, including anchor ten-
ant Ardent Mills, which has its
headquarters in approximately
55,000 sf.
Unico Properties’ Denver
portfolio consists of more than 2
million sf of Class A office and
mixed-use properties. Within the
last year, it acquired the Elephant
Corral andDenverClub indown-
town Denver, and Second and
Josephine in Cherry CreekNorth.
The company owns an additional
1.4 million sf in Boulder.
Unico Properties will manage
1875 Lawrence.
Unico is a Seattle-based real
estate investor and full-service
operator focused on office and
multifamily assets in the western
United States.
s
by Jill Jamieson-Nichols
A California value-add buyer
has acquired Denver Tower
with plans to upgrade and hold
the building long term.
The 10-story building at 1905
Sherman St. in uptown was
100 percent occupied at the
time of the sale to Los Angeles-
based Hay-
man Proper-
ties LLC. It
offers a good
opportunity
to add value
by bringing
rents up to
market rates,
according to
Aaron John-
son, senior
director in Cushman & Wake-
field’s Capital Markets Group.
“Denver Tower provides a
significant value-add oppor-
tunity with a stabilized asset
where current lease rates are
as much as $5 per square foot
below market,” he said. “The
property appeals to a wide
range of tenants attracted to
an uncongested CBD location
within one of Denver’s core
neighborhoods. A majority of
Denver Tower’s existing ten-
ant base benefits from the close
proximity to the Colorado state
Capitol,” he said.
Johnson and Jon Hendrick-
son, also a senior director in
C&W’s Capital Markets Group,
represented Centre Point Prop-
Unico Properties
Unico plans to build on renovations at 1875 Lawrence by adding tenant
amenities and undertaking energy upgrades.
Hayman Properties has plans to upgrade Denver Tower, its first Denver
acquisition.
Austin Kane
Aaron Johnson
