The Lab, a new 78,640-square-foot, four-story office building behind Denver Beer Co. in the Central Platte Valley, traded hands this month as Platte Land LLC sold the property to Lab Platte Properties LLC, a partnership between San Francisco-based Soma Capital Partners and Philadelphia-based CenterSquare Investment Management, a BNY Mellon company. Terms of the deal or a sale price were not disclosed; city property records show that the building is valued at $6,726,300, and previously sold in March 2014 for $270,000 when Bellio 17th Street Holdings transfered the building to Platte Land.
WeWork Cos., a New York City-based international co-working firm, also announced this week that it will lease the majority of the Lab, expected to cover about 65% of the building. The developers of the Triangle Building near Union Station confirmed that WeWork will also occupy 72,000 square feet in that soon-to-be-completed office building at nearby 1550 Wewatta St., according to a Denver Post article. The remaining office space at the Lab, about 25,000 square feet, is still available for lease through CBRE, and Urban Legend is handling the retail stalls.
"We began talking to WeWork about Denver in late 2014 because we saw this as a natural fit for their expansion from gateway markets like New York and San Francisco," said Jordan Caspari, partner at Soma Capital. "The average WeWork member is 32 years old with a focus on work-life balance."
The Lab was developed by Denver-based Confluent Development in partnership with Brue Capital. A slideshow of the property is featured on the Denver Business Journal website. For more news and information, visit Blumberg Partners.
No comments:
Post a Comment