PLAZA 6000
On March 15, of 2013, Fairbairn Commercial, Inc. sold Plaza 6000 to Residential
Ventures for Ameriprise Financial out of Minneapolis. The three (3) building,
106,065/SF complex is located in the Colorado Boulevard office submarket, one mile
east of I-25 and Evans. At the time of the sale, the occupancy rate was 33.38% (or
66.62% vacant)
Through our marketing efforts, we have brought the occupancy of Plaza 6000 back to 94.03% as of July 8, 2014 (or 5.97% vacancy). From March 15, 2013 to July 8, 2014, there were 44 leases signed for 70,661/SF at Plaza 6000. Current vacancy in the Colorado Boulevard market is 20.5% (or 79.5% occupied on 3.803 million square feet).
CLEAR CREEK OFFICE PARK 4251 Kipling Street, Wheat Ridge, Colorado
On August 1st of 2012, Fairbairn Commercial, Inc. took over the listing on Clear Creek Office Park, which is located at 4251 Kipling Street in Wheat Ridge, Colorado. Clear Creek is a 77,581/sf, five story office building that was built in 1982. At the time we took over this listing, there was 20,504/sf available, or an occupancy rate of 73.6%. Through our marketing efforts, we have brought the occupancy of Clear Creek Office Park back to 95.64% occupied as of February 1, 2014. From November 1, 2013 to February 1, 2014, we signed eight leases totaling 14,356/sf at Clear Creek Office Park. Current vacancy in the West Denver market is 17.6% (on 2.375 million square feet total).
1730 BLAKE STREET - LODO
In the spring of 2006 Fairbairn Commercial, Inc. identified 1730 Blake Street in Lower Downtown as an under performing asset in the strengthening LoDo submarket. The property had lost numerous quality tenants including Columbia Health One and Mapquest over the years and had a vacancy rate of 84% in a market that had 7% vacancy overall. We approached the Landlord (absentee Landlord – from California) and asked if he was interested in selling. He was interested in selling and shortly thereafter we went under contract with a client of ours (1730 Blake, LLC) that purchased the property in July of 2006 for $5,000,000 or $90.00/SF.
1730 Blake is located mid-block between 17th and 18th on Blake Street. The property is two blocks from both Union Station and the 16th Street Mall and three blocks from Coors Field in the heart of LoDo. 1730 Blake Street is a 56,378/SF, four-story office building with a brick/glass exterior shell. The building has a four-story atrium as you enter the lobby and is equipped with two passenger elevators (see before exterior picture below).
The building had evolved over the years as part traditional multi-tenant building (hard walls and dropped ceiling) and part LoDo building (exposed brick and timbers). The new owners wanted to restore the LoDo feel on the inside and exterior of the property. Shortly after closing the new Owners employed Spectrum as General Contractors (an established construction company that does a considerable amount of work in Lower Downtown). The first three floors were basically vacant so they went in and exposed all the brick/timber and sand-blasted bringing all the space back to the original condition or shell space. BVH Architects from Colorado Springs was hired to redesign the atrium, common areas, restrooms as well as the exterior of the property. The exterior and interior upgrades to the property were completed in early fall 2007 (see the after pictures below).