Cress Capital has acquired Union Tower, a 210,000-square-foot office building in Lakewood, Colo., a suburb of Denver, for $25.2 million. TA Realty sold the property in an off-market deal.
Union Tower is located at 165 S. Union Blvd. on approximately 3.8 acres. The 10-story building was completed in 1982 and features a steel frame construction with glass and masonry exterior. It received a cosmetic renovation in 2011. Tenants can access a 696-space parking lot. Leases range from 837 square feet of divisible space to 10,470 square feet of contiguous space.
The office building sits in a highly amenitized neighborhood, with exposure along Union Boulevard. More than 25 restaurants are within walking distance, as are numerous retailers. Several apartment communities are nearby, as well as multiple hotels and banks. The Federal Center light rail station is a few minutes away, as are other transit options. Downtown Denver is within 15 minutes of the propety.
PLANNED IMPROVEMENTS
TA Realty started renovating the office space in 2016, making improvements to the lobby and several floors. The new owner plans to continue the upgrades, kicking off a capital improvement campaign of approximately $1 million. Among the new features, Cress will add a tenant amenity center, which will include a lounge, gym and conference center.
“We are excited about the long-term prospects for the west side of town. With downtown rents rising and commute times worsening, it’s a market in which we are seeing increased attention and expect to see continued growth,” said Tom Parnell, partner at Cress Capital, in a prepared statement.