DENVER-Los Angeles-based Lowe Enterprises Investors, on behalf of a pension fund client, has acquired the 231,454-square-foot Denver Club office building at 518 17th St. in the Denver Central Business District. SVP Kerri O’Neill of LEI calls the acquisition “a landmark asset in a prime location,” adding that it “should benefit greatly from the continuing recovery of the Denver market.”
Built in 1954, the 24-story Denver Club is a historic building, one of only two Early Modern buildings in Denver’s Central Business District. A $10 million renovation program was recently undertaken at the property to upgrade the lobby area, elevators and mechanical systems. In addition, a fitness center and a new conference room were added, and the building was re-clad on two sides.
LEI’s local affiliate, Lowe Enterprises Real Estate Group, will oversee $1.5 million in additional improvements including common area upgrades and complete demolition and remodeling of two floors. Lowe Enterprises Real Estate Group will also oversee property management and leasing activities for the building which is 76% leased.
Jeremy Ballenger, VP of Lowe Enterprises Real Estate Group, says the building is configured to accommodate a variety of users. Ballenger led Lowe’s acquisition team, with Riki Hashimoto and Dan Grooters of Grubb & Ellis representing the seller.
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