Newmark has announced the sale of The LAB on Platte. Located at 2420 17th Street in Denver’s most vibrant mixed-use neighborhood, the 78,575-square-foot creative boutique office asset was sold by Soma Capital & CenterSquare Investment Management to an unnamed institutional investor. Vice Chairman John Jugl, Jr. and Associate Paul Donahue of Newmark’s Capital Markets team marketed The LAB on Platte exclusively on behalf of the seller, also representing them in the transaction.
“Anchored by WeWork, the national provider of collaborative and inspired office space for corporations, entrepreneurs, tech and creative tenants, The LAB on Platte offers a core investment profile with additional upside value with some vacant space and below market retail rent,” commented Jugl, Jr. “This sale is the first predominantly WeWork-anchored building to transact in Denver.”
Constructed in 2015, The LAB on Platte’s creative office design features, 14-foot exposed ceilings and 25,000-square-foot floorplates, attract innovative tenants who crave a location in the historic Platte Street neighborhood, located just a ten-minute walk from Denver’s transportation hub at Union Station. Further, ample covered parking, ground floor retail, prominent highway visibility and dual access provide added incentive to tenants desiring boutique office space.
“The ownership of Soma Capital and CenterSquare Investment Management did a great job of securing a strong anchor tenant with a long-term commitment, while also executing a strategic program on the remaining space to cater to smaller tenants in the neighborhood,” stated Jugl, Jr., who added, “That is a rare focus among Platte Street’s larger, new construction projects.”
Located at the gateway between Downtown Denver and the Highlands, Platte Street provides immediate access to Denver’s most coveted urban restaurants, shops and close-in neighborhoods, and is arguably one of the most rapidly transforming areas in Denver, boasting a mix of historic elements and brand-new construction. The institutionally-owned neighborhood is currently full, with high scarcity and barriers to entry.
“We received significant institutional interest during the process,” concluded Jugl, Jr. “Ultimately, the buyer was drawn to The LAB’s combination of a vibrant work/live/play neighborhood, state-of-the-art physical construction and brand-name tenancy.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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