Crestone Secures $66M Refi for Denver Office Campus – What is a Ground Lease?
Denver, Finance, News, Office, West, Crestone Partners, JLL Capital Markets
Crestone Partners has secured a $66 million refinance for two interconnected Class A office buildings encompassing 279,188 square feet of space in Denver’s LoDo submarket.
JLL Capital Markets made arrangements on behalf of the borrower. Allianz Global Investors originated the fixed-rate, five-year loan, Denver County public records show.
The LEED Gold-certified property is currently 95 percent occupied by 13 tenants, including Heritage Title Company, UMB Bank, Gallagher Industries and others, CommercialEdge data shows. The property has outperformed its competitors in the LoDo area for average rents, occupancy and the quality of the tenant credit, noted Crestone Partners’ Principal Bob Flynn, in prepared remarks.
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Located at 1400 Wewatta St. and at 1401 Wynkoop St., the two-building property features four passenger elevators, 27,000-square-foot floorplates, 25,188 square feet of retail space and a total of 467 parking spots. The nine and 10-story buildings are connected through a third-floor outdoor common-area terrace, as well as through a sky bridge, located on the fourth floor. Other tenant amenities include a fitness center and private terraces.
Situated on an approximately 4-acre lot, the asset is close to Interstate 25 and to multiple bus and train stations, including Union Station, 4 miles from the city’s Cherry Creek neighborhood, 15 miles from Aurora, Colo., and within 20 miles of Denver International Airport.
Recent mixed-use projects
Flynn along with Vice President of Property and Construction Services Heidi McKernan, Principals Garth Tait and Dave Meares represented Crestone Partners in-house, with the assistance of the JLL Capital Markets team of Senior Managing Director Eric Tupler and Director Kevin Barron. JLL’s Tupler also assisted Continuum Partners in April, in securing a $23 million refinancing for a mixed-use development in Denver. The loan, originated through HTLF, will be used for a 60,000-square-foot component of A Block, a Class A, $120 million mixed-use development comprising hotel, office and retail space.
In November 2022, Broe Real Estate Group announced plans to develop 250 Clayton, a mixed-use project in Denver’s Cherry Creek Hill district. With construction expected to start in late 2023, the project consists of 175,000 square feet of office and retail space.
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1400 Wewatta and 1401 Wynkoop are situated in the city’s LoDo submarket.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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