DENVER—Unico Properties LLC, a Seattle-based RE firm, has purchased two hundred-year-old class A mixed use buildings here.
The Zang Building, a 48,254-square-foot, class-A mixed-use building, located at 1533 Platte Street, and the A.H. Root Building, is a 51,872-square-foot, class-A mixed-use building at 2401 15th Street.
The buildings comprise the Platte Portfolio which is located in the Platte Street District of Denver’s Lower Downtown (LoDo).
Unico will serve as the property manager for both buildings. These acquisitions bring Unico’s Denver portfolio to approximately two million square feet of owned and managed properties.
Built between 1890 and 1910 and renovated between the mid-1980′s and the early 2000′s, the Platte Portfolio is a unique collection of historic, renovated and turn-of-the-century, warehouse-converted office buildings with ground-level retail. The buildings are comprised of a diverse mix of creative and tech tenants plus some highly reputable retailers including Colt & Gray restaurant in the Zang Building, and Sushi Sasa in the Root Building.
While both buildings are essentially fully-occupied and have been well-maintained since their respective renovations, Unico plans to invest in cosmetic capital upgrades to the portfolio.
“Continuing our investment momentum with the acquisition of one of Denver’s premier, historic portfolios underscores our on-going commitment to growth, expansion, and long-term presence in Denver,” said Ned Carner, Unico Properties VP of acquisitions. “We’re thrilled to own and invest in the Zang and Root buildings and in the Platte Street submarket.” Carner sais. “With these acquisitions, we plan to further enhance the district’s reputation as a premier destination to work, dine, live and play with a robust workforce, proximity to mass transit, top restaurants, and a strong retail presence.”
Built in 1890 and renovated in 1985, the Root Building is on the National Register of Historic Places. Built in 1910 and renovated in 2005, the Zang Building has three levels plus one lower level. Both buildings are essentially fully leased, and offer a generous amount of parking at two spaces per 1,000 square feet ratio.
The Zang and Root buildings are red brick construction with street-level storefronts. The interiors have largely been renovated to feature creative space with wood-beamed, exposed ceilings, however, more traditional office use also exists throughout the portfolio.
Union Station, Denver’s metro-wide transportation system, is walking distance from the Root and Zang buildings. Additionally, two upcoming developments will further establish the Platte District as a premier destination: “the Lab,” a potential mixed-used development of office space and ground-floor retail located at 17th Street and Platte Street, and G2, an “innovation ecosystem” also located at 17th Street and Platte Street, where technology start-ups can access capital, rent office space in a community of like-mined companies and receive advice tailored to entrepreneurs.
“Denver, as a city, is in a very good place and it has all the drivers we want, including a broad base of industries and a commitment to infrastructure and education,” said Austin Kane, VP and regional director of Unico Properties’ Denver portfolio. “We continue to seek office acquisitions and property management assignments, as we did with Root and Zang, and expand our presence in Denver.”
In Denver, Unico already owns or operates a 1.8 million square feet of properties, which includes Writer Square, 1660 Lincoln, Harlequin Plaza, 17th & Larimer in Lower Downtown (LoDo), Belleview Tower in the Denver Technology Center, Centerpoint I, Centerpoint II, and Pearl Street Portfolio in Boulder. The purchase of the Zang and Root buildings bring the company’s Denver total to around two million square feet. Unico Properties is a real estate investor and full-service operator, focused on office and multifamily assets in the Western United States.