Vacant office building Hub North in Denver’s RiNo neighborhood sells for $40M

A RiNo bureau gathering completed past twelvemonth that doesn’t person immoderate tenants has a caller owner.

Eagle Point Capital Partners said Thursday that it and Farallon Capital paid $40.5 cardinal for The Hub North, the eight-story bureau gathering astatine 3660 Blake St.

The gathering is astir 111,000 quadrate feet, making the woody worthy astir $365 a quadrate foot.

Eagle Point has offices successful Los Angeles and Nashville and says it acquires and develops bureau properties successful “high-growth, technology-anchored innovation markets.” Hub North is its archetypal acquisition successful Denver.

The gathering has astir 102,500 quadrate feet of bureau abstraction and astir 8,500 quadrate feet of ground-floor retail space, according to Eagle Point.

“There are presently nary tenants successful occupancy, however, we are engaged successful aggregate conversations with prospective retail and bureau tenants,” the institution said successful a statement. “We are encouraged by the involvement we are receiving from the market, and are highly assured we volition lease the gathering to a large premix of tenants.”

The gathering already has outdoor terraces, and Eagle Point co-founder Josh Hatfield said successful a connection that the institution is “planning connected creating further tenant-dedicated outdoor abstraction for prime floors” due to the fact that “we cognize wellness and information is simply a apical precedence arsenic companies and their employees instrumentality to the office.”

Hub North was completed past twelvemonth by Boston-based Beacon Capital Partners, which besides developed the connected The Hub gathering astatine 3601 Walnut St. That gathering houses the office of Angi (formerly Angie’s List and HomeAdvisor) and EverCommerce, some publically traded firms. WeWork besides had a determination successful the building, but closed it on with others earlier this year.

The 2nd signifier of the Hub task was primitively slated to beryllium a hotel, but Beacon decided successful 2018 to physique much bureau abstraction instead.

JLL broker Jamie Roupp markets the building’s bureau space. Bryan Slaughter and Julie McBrearty of SullivanHayes marketplace the retail space.

Beacon, a large landlord successful Denver, declined to remark connected the deal.

Beacon purchased the Circa bureau gathering astatine 1615 Platte St. for $60 cardinal successful June, and is readying to make a 12-story bureau gathering astatine 3100 Brighton Blvd. with Denver-based Elevation Development Group, which was besides a co-developer connected The Hub.