"Hudson Bay was very unusual for us, because more than 95% of our portfolio is in the suburbs," Mulhern tells GlobeSt.com. "When we sold it, we thought we'd replace it with a suburban office building, and then the 1875 Lawrence building became available."
CMD General Manger Keith Neff says he would classify 1875 Lawrence as a class B-plus to A-minus building at this time. But by redoing the lobby, elevator cabs and a second-story outdoor patio, it will bring it up to class-A status, Neff says. The lobby is to be completed by the end of the second quarter end and the entire project by the end of the third quarter.
The building, now more than 90% occupied, sits at the edge of Lower Downtown, one of the tightest office markets in the city. Tenants include AT&T, Chicago Title and M.A. Mortenson.
CMD owns six office buildings, totaling 1.6 million sf, in the Denver area. Founded in 1902 in Chicago, CMD has a 10-million sf portfolio, with holdings in Dallas, Phoenix, Atlanta, Ft. Lauderdale, FL and Durham, NC.
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