DENVER—Private equity manager Velocis has purchased 195,753-square-foot Trinity Place office building in Denver's Central Business District. Velocis purchased the asset from an affiliate of Broe Real Estate Group. This is Velocis' second purchase in the Denver market.
“Trinity Place caters to small-to mid-sized tenants, offering a boutique atmosphere in a traditional and distinctive building,” said Mike Lewis, Velocis principal. “Additionally, the building's proximity to the city's popular attractions as well as a multitude of thriving downtown businesses neighboring the asset provides tenants a truly walkable lifestyle.”
Located at 1801 Broadway, Trinity Place is in the Midtown East micro-market of Denver's dynamic central business district. Tenants are within walking distance to Brown Palace Hotel, Sixteenth Street Mall and Restaurant Row and have quick access to Denver's Light Rail, the Downtown Circular and other major thoroughfares. On-site building amenities include a Bank of Colorado branch location and Denver restaurant institution, Trinity Grille.
“The stabilization of Trinity Place prior to the sale resulted from an aggressive capital improvement plan, rapidly improving downtown market fundamentals and a niche focus on energy and professional services firms. Velocis is acquiring a quality asset with a stable roster of tenants and continued growth opportunities as leases roll to higher market rates,” said Scott Gibler, managing director of Broe Real Estate.
The office is currently 89% leased to 40 tenants including Great Western Oil & Gas, Forrester Oil & Gas, as well as other energy, professional services and legal service firms. Trinity Place was built in 1981, acquired by Broe's affiliate in October 2006 from Equity Office Properties and renovated in 2012.
Mary Sullivan and John Jugl of Holliday Fenoglio Fowler, marketed the property. Stream Realty will handle leasing.
Velocis has been active in real estate investment since 2011, purchasing 16 assets located in markets in Texas, Colorado, Georgia, Florida and North Carolina.
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