Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $220 million in financing for 1144 15th Street, a 673,852-square-foot, trophy Class AA office building in Denver, Colorado.
The HFF team worked on behalf of the borrower, Hines and their equity partner, to secure a 17-year, fixed-rate permanent loan through a national life insurance company. HFF arranged construction financing for the project on behalf of Hines in 2015.
Completed in 2018, the 40-story core office tower comprises 673,852 square feet with 5,770 square feet of ground level retail and 13 stories of parking for a total of 858 parking spaces. The property represents the first high-rise office development in more than 30 years in Denver and has transformed the Denver skyline. Tenants at the stabilized property include Gates Industrial Corporation, Optiv Security Inc. and Faegre Baker Daniels. Located in Denver’s Central Business District within the Midtown West micro-market, 1144 15th Street is convenient to the Convention Center Station light rail stop and the Free MallRide on the 16th Street Mall, providing access throughout the CBD. Additionally, the property is proximate to the Colorado Convention Center, the Denver Center for Performing Arts, Larimer Square and the 16th Street Pedestrian Mall.
The HFF debt placement team representing the borrower included senior managing director Eric Tupler.
“Our partnership set out with a long-range view in developing and owning this asset,” Jay Despard, Senior Managing Director for Hines in Colorado, said. “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.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit hines.com for more information.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.