It was designed by architect IM Pei, early in his career. When itwas built, its architecture was described as "innovative and daring," according to news reports.
Chris Matthews, executive vice president at Broe Real Estate, says thebuilding already is undergoing a multi-million capital improvement effort. "We want to blend the look, feel and ambiance of a classic business high-rise with 21st century technology, tenant comfort, services and amenities," Matthews says. "The objective is to return this property to its proper role as a premier business address. It already has an 'A' location."
The building now is more than 80% leased, although some tenants are set to leave, he says. However, before it even closed the deal, it re-signed its largest tenant, Whiting Petroleum, which took about 55,000 sf, he says.
Broe is handling the 1700 Broadway leasing in-house to significantlyexpedite response to prospects and brokers. For example, Broe promises to pay brokers their commission within 48 hours.
"Broe Real Estate acquires assets in attractive locations," Matthews says. "We create value with building improvements, responsible leasing techniques, and an intense focus on tenant service and satisfaction. Our efforts after acquiring the Cascades building in the Denver Tech Center are a good example."
The Cascades building was about 50% occupied when Broe bought it for $24 million about 15 months ago, Carl Luppens, who heads leasing for Broe, tells GlobeSt.com. Now, it is about 85% leased and several pending deals will bring it over 90%, he says.
"I can tell you the building is a lot better managed," Luppens tells GlobeSt.com. "The tenants are a lot happier than they were before."
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