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303 E 17th AveDenver, CO 80203
303 E 17th Avenue
Asset ClassOffice
% Leased86.2%
# Stories: 12Year Built: 1982Square Feet: 288,994Access Data Room
Renovated 12-Story Office Building in Denver’s Uptown - State of Colorado Anchor Tenant
overview of deal

Overview

Newmark is pleased to present the opportunity to acquire 303 E 17th Ave. The Property is located in the heart of the popular Uptown submarket adjacent to Denver’s CBD. The building has performed well over time with historical occupancy at 88% over the last ten years and provides an attractive environment for tenants who require nearby access to the State of Colorado Capital and government infrastructure.

 

The Property offers a defensive rent roll anchored by the State of Colorado’s Department of Health Care Policy & Financing which has consolidated from seven area buildings into 303 E 17th Ave. The State occupies slightly more than one-third of the Property. Today the State 800+ employees assigned to this single office location.

 

Additional tenants include a diversified roster of 18 professional services firms with no single tenant other than the State occupying more than 10% of the Property.

 

The Property offers a parking ratio that is rare in downtown Denver (1.3 spaces to 1,000 SF). Given the implementation of the State’s return-to-work strategy and observable increase in utilization, it is reasonable to expect an increase in parking revenues tied to occupancy. Current ownership has also spent $2.5M on capital upgrades during its hold. Many of those upgrades include garage renovations.

 

A highlight of Denver’s Uptown Neighborhood is Restaurant Row, the stretch of 17th Avenue running from Broadway to City Park that is lined with cafes, bistros, pubs, and fine dining establishments. Also, more than 1,600 multifamily apartments have been built in the Uptown submarket since 2015 – this coupled with “Restaurant Row” make the Uptown submarket a very sought-after place to work and live.

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Investment Highlights

Anchored by the State of Colorado Since 2013

  • Occupies more than 1/3 of the Property

Historical Occupancy of 88% Over the Last 10 Years

  • Currently 86.2% occupied - LOI's being negotiated would push occupancy to 90%+

Minimal Base Building Capital Expenditues Needed in Upcoming Years

  • Owner has spent $2.5M: Lobby ($500k); Corridors & Restorooms ($725k); Garage ($495k); Fitness Center ($150k); Interior Bike Storage ($25k)

Significant Transient and Monthly Parking Revenue is Derived from a 6-Level Parking Garage

  • 1.3 spaces to 1,000 SF (394 stalls)

Best-of-the-Best Class A Property East of Broadway

  • Expansive window line with view corridors, desirable floorplates, post-COVID rent stability

A Pickup in Total Building RBA Exists Upon Rolling Tenants to New BOMA Measurement

  • Increase in building size of 4,567 SF

Area Popularity is Suppoted by Restaurant Row and Abundance of Multifamily

  • Surrounded by 12,000+ multfamily units (1-mile radius) and multiple restaurants and coffee shops along "Restaurant Row" (17th Ave.)
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303 E 17th AveDenver, CO 80203

Capital Markets Team

Rob HannanVice Chairman(310) 491-2014rob.hannan@nmrk.com
Val Despard Director - Financial Analytics(303) 260-4333val.despard@nmrk.com
David MilestoneExecutive Managing Director (310) 491-2015david.milestone@nmrk.com

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Listing provided by Revere CRE