A $220 million loan was arranged by Holliday Fenoglio Fowler LP for a Class AA office building in downtown Denver.
The HFF team, including Senior Managing Director Eric Tupler, worked on behalf of the borrower, Hines, and its equity partner to secure a 17-year, fixed-rate permanent loan through New York Life Real Estate Investors, on behalf of New York Life Insurance Co. HFF arranged construction financing for 1144 Fifteenth on behalf of Hines in 2015.
“We are pleased to provide financing to Hines and their equity partner, on 1144 15th Street, a trophy Class AA recently constructed Denver skyscraper,” said Scott Portnoy, Senior Director at New York Life Real Estate Investors’ Southwest Regional Office. “We believe this asset sets the standard for office properties in Denver and will continue to perform well for years to come.”
Completed in 2018, the 40-story, 673,852-square-foot tower at 1144 15th St. includes 5,770 sf of ground-level retail and 13 stories of parking.
The property represents the first high-rise office development in more than 30 years in Denver. Tenants at the stabilized property include Gates Industrial Corp., Optiv Security Inc. and Faegre Baker Daniels. Located in Denver’s central business district within the Midtown West micromarket, 1144 Fifteenth is convenient to the Convention Center Station light-rail stop and the Free MallRide on the 16th Street Mall. Additionally, the property is proximate to the Colorado Convention Center, the Denver Center for Performing Arts and Larimer Square.
“Our partnership set out with a long-range view in developing and owning this asset,” said Jay Despard, senior managing director for Hines in Colorado “The permanent financing we recently obtained is a testament to the building’s position in the marketplace and to the core nature of the finished product and tenant roster. We are pleased with the outcome on multiple levels.”