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— Office Properties Quarterly — September 2016
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insurance companies are, more than
ever, wanting to do more when it
comes to Denver office.
Now that much of the turmoil in
the commercial mortgage-backed
securities market has settled out
that seems to be an attractive way to
combine less-expensive capital while
going very high on the capital stack
for aggressive investors using mezza-
nine financing to compliment it. For
development financing, there doesn’t
seem to be any pullback from the
banking community, especially now
that they’ve had to put the brakes on
multifamily and focus on other asset
classes.
In summary, we have a strong
office market, but one with room to
improve. Denver is location specific,
which is why you see spec develop-
ment in a low teens occupied market.
This is an attractive city for young
people and small and midsized busi-
nesses, and will continue to see office
development supported by job and
population growth over the next
several years. Financing availability
will only improve and, certainly, is
the best it’s been for office in Denver
likely ever.
s
ceiling had to be reconfigured to allow
for handicap accessible bathrooms,
which required finding experts in the
field of historic architectural ceilings.
The challenges continued throughout
the project. Layers of asbestos were
found and had to be removed.
“This project was time-consuming,”
said Golden. “While we didn’t go over
budget, we did go over the scheduled
timeline due to the careful care and
laborious renovations required with
each construction and design phase.”
Still, the team worked through the
challenges, keeping with the Schal-
lert’s plan. “We focused on the old
materials but brought in new con-
struction techniques and solutions to
solve our problems,” said Schallert.
As a result of $217,252 worth of
construction work, 321 Main St. now
is 2,450 sf of commercial space, earn-
ing its keep once again. The renova-
tion proudly boasts offices, a meeting
space, a multipurpose area, and a
room for seminars and training, com-
plete with audiovisual equipment.
The main floor is primarily used for
workshops for small-business own-
ers as well as a recording/broadcast
studio.
“Our 141-year-old building now has
state-of-the-art audiovisual equip-
ment, and the same broadcast/webi-
nar equipment that major convention
centers can offer,” said Schallert. “Our
clients now learn with this technolo-
gy, but do it in a space that’s timeless.”
The original Emerson & Bucking-
ham Bank was a place rich in history,
as Longmont’s earliest citizens and
business leaders used its resources to
build the city. “Now, when business
owners and community leaders sit in
our space, the building helps people
imagine that anything is possible,”
said Schallert.
s
Jeffries
Wairama
Debbie Adams Photography
The office space is segregated from the multipurpose area at the back end of the building.
