JV Receives $55M for Denver Office Asset

The property previously served as the administrative back office center for CenturyLink. The borrower plans to transform the property into a state-of-the-art office center.
930 15th Street
930 15th Street

HFF has arranged a $54.6 million four-year acquisition loan for the repositioning of 930 15th Street, a 230,000-square-foot office/data center property in Denver. The company worked on behalf of the borrower, SteelWave LLC and Rialto Capital Management, to secure the floating-rate bridge loan through Square Mile Capital Management. For the past 20 years the office building served as the administrative back office center of CenturyLink.

The 12-story building sits at the corner of 15th and Curtis Street, and offers convenient access to Denver’s various shopping, dining and entertainment venues including Denver Convention Center, Denver Center for the Performing Arts, Denver’s Free Mall Ride and Larimer Square. According to data provider Yardi Matrix, 930 15th Street includes more than 5,500 square feet of retail space.

SteelWave and Rialto Capital will use the loan to acquire and reposition the asset into a state-of-the-art office property. Gensler Architects will redevelop the currently vacant building into premier office space by including modern amenities such as collaboration lounge area, café and wine bar, rooftop fitness center, bike lab, rooftop event area and a conference center.

Director Leon McBroom and Senior Managing Director Eric Tupler were part of the debt placement team that represented the borrower. In another recent deal, HFF brokered the sale of a 107-key boutique hotel in the Boston-area.

Image courtesy of Yardi Matrix