Colorado Real Estate Journal - January 21, 2015
Dallas-based Velocis entered the downtown Denver office market with the acquisition of Trinity Place, a 195,753-squarefoot building. “We really love the energy and rising tide of Denver’s CBD. T r i n i t y Place is an incredibly well-located building with unmatched access and outstanding walkability to world-class amenities,” said Mike Lewis, Velocis principal. An affiliate of Broe Real Estate Group sold the building, which is located at 1801 Broadway. The price was $37 million, according to public records. Velocis is a private equity real estate fund manager that owns Landmark Centre in Greenwood Village. Trinity Place is its second Denver asset. “Trinity Place caters to small to medium-sized tenants, offering a boutique atmosphere in a traditional and distinctive building,” Lewis said. The building is close to the Brown Palace Hotel and 16th Street Mall, with quick access to light rail and downtown circulator buses. Amenities include a Bank of Colorado branch and the Trinity Grille restaurant. “Because of the growing interest in office space that offers a live, work and play atmosphere, these are key factors Velocis looks for when acquiring office buildings,” Lewis said. “The stabilization of Trinity Place prior to the sale resulted from an aggressive capital improvement plan, rapidly improving downtown market fundamentals and a niche focus on energy and professional services firms,” said Scott Gibler, managing director of Broe Real Estate Group. “Velocis is acquiring a quality asset with a stable roster of tenants and continued growth opportunities as leases roll to higher market rates.” Trinity Place is 89 percent leased to 40 tenants, including Great Western Oil & Gas and Forrester Oil & Gas. The building was constructed in 1981 and renovated in 2012. The renovation included a major lobby update with full height windows and museum quality artwork. Broe’s affiliate bought the building from Equity Office Properties in 2006. Mary Sullivan and John Jugl of HFF handled the sale to Velocis. Stream Realty will provide leasing services. Velocis has been active in real estate investment since 2011, purchasing 16 assets in Texas, Colorado, Georgia, Florida and North Carolina.