DellaCava and Borst would not disclose the purchase price, but the property was listed for sale at $10.9 million. Borst says they paid less than the asking price. He estimates the replacement cost of the 14-story, 190,000-sf building at about $20 million.
"This is a classic building with one of the best locations in Denver," Borst says. Built in 1956, during its heyday in the 1960s and 1970s, "This was the place to be seen," Borst says. "Billionaire oilman Marvin Davis had his penthouse residence on the top floor of the building. We plan to return the building to its former glory.
DellaCava and Borst are planning significant renovations to the building. "We're already working on some very exciting concepts," Della Cava says. The partnership hired Boulder architects, DTJ Design Inc., to work on the project. "The building needs some compassionate facelifting while still keeping true to its '50s style," DellaCava says. "We plan to celebrate its heritage while bringing it into the 21st century."
The building is currently 65% leased with four full floors available. Stockton Baker and Brad Rice of Fuller and Co. will handle the marketing and leasing of the building. Rents range from $12 per sf to $17 per sf, Borst says.
"Given the investment around Civic Center Park, including the Library, Art Museum, and new high-end lofts, we believe the area is poised for a strong Rebound," DellaCava says. On a parking lot next to the building, the Denver Newspaper Agency is building its new headquarters building for the DNA, the Rocky Mountain News and the Denver Post. The newspaper building, which opens next year, also will help the area, Borst says.
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