A significant redevelopment is in the works at the edge of the River North Art District with a local couple acquiring one of the largest contiguous sites in the vicinity for $19 million.
Tom and Brooke Gordon, through Iselo 40thAvenue LLC, bought AT&T’s 234,250-square-foot office/industrial building on 14.6 acres at 2535 E. 40thAve. in Denver for $19 million. They leased the property back to AT&T for six months, giving the telecommunications firm time to relocate as the new owners formulate development plans.
AT&T has a call center and office space at the property.
“We’re taking this next six months to look at various alternative uses,” said Tom Gordon. “It’s a large site, so it’s not just a building. We’re taking our time to develop a comprehensive plan for what it is that we would like to do.”
Wonderbound, a Denver contemporary ballet company the Gordons support, will occupy 15,000 sf in the building for an indefinite period and also will have permanent space in the redevelopment.
Bill Moore of Sprocket Design-Build Inc. introduced the Gordons to the site and is working with them on plans for the redevelopment.
The Gordons purchased the property as part of a 1031 exchange for a RiNo development site they sold for $30 million early this year.
Cushman & Wakefield represented AT&T in the sale.
Drew McManus
“We had strong buyer interest in the property due to its location adjacent to the sought-after RiNo neighborhood,” said Cushman & Wakefield Managing Director Drew McManus, who worked with Todd Wheeler, Cushman & Wakefield vice chairman. “The site, heavily influence by RiNo, presented unique redevelopment opportunities as the surrounding area undergoes extensive commercial, residential and entertainment expansion,” he said.
The property is positioned between the 38thand Blake and 40thand Colorado commuter-rail stations, McManus noted. Originally built in 1950, the existing building features masonry construction with glass lining the office area.
