Velocis, a Dallas-based private equity real estate fund manager, announced this week that it had purchased Trinity Place in Denver's CBD from an affiliate of Broe Real Estate Group. Velocis acquired the 195,753 square foot office building for $37 million, according to Denver County records, marking its second purchase in the Denver market. Mary Sullivan and John Jugl of Holliday Fenoglio Fowler marketed the property on behalf of Broe; under new ownership, Stream Realty will handle leasing for the building.
"Trinity Place caters to small-to mid-sized tenants, offering a boutique atmosphere in a traditional and distinctive building," said Mike Lewis, Velocis principal. "Additionally, the building's proximity to the city's popular attractions as well as a multitude of thriving downtown businesses neighboring the asset provides tenants a truly walkable lifestyle."
"The stabilization of Trinity Place prior to the sale resulted from an aggressive capital improvement plan, rapidly improving downtown market fundamentals and a niche focus on energy and professional services firms. Velocis is acquiring a quality asset with a stable roster of tenants and continued growth opportunities as leases roll to higher market rates," said Scott Gibler, managing director of Broe Real Estate.
Located at 1801 Broadway, Trinity Place is currently 89% leased to 40 tenants including Great Western Oil & Gas, Forrester Oil & Gas, Bank of Colorado and Trinity Grille, as well as other energy, professional services and legal service firms. Originally constructed in 1981, the property was previously acquired by Broe's affiliate in October 2006 from Equity Office Properties and renovated in 2012. Renovations included a major lobby update, complete with full-height windows and museum-quality artwork.
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