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8/25/15
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The LAB, a newly completed 78.6k sf office building in Denver, was purchased by Soma Capital Partners (SCP) after completion of the development this month. The project is located at 2420 17th St, adjacent to I-25 at Platte St.
WeWork Companies, an international co-working platform with 3.5 msf globally, preleased approximately 65% of the building and is expected to occupy the property by year-end. The lease was signed with SCP in June 2015.
The Denver location offers an eclectic mix of stores and restaurants ideally situated in between the burgeoning Lower Highlands, Commons Park and the Union Station redevelopment. In addition, the property’s prominent location on the I-25 provides excellent visibility.
SCP, a San Francisco-based real estate investment manager, acquired the property in partnership with Philadelphia-based CenterSquare Investment Management. JR Bitzer of Lee & Associates Denver assisted SCP in the purchase of the building, which was developed in partnership by Brue Capital and Confluent Development. The price was not disclosed.
CBRE is currently marketing for lease the 25k sf, second floor of the office building. The 3k sf retail space on the ground floor is being marketed by Urban Legend to prospective food and beverage tenants with interest being a part of the Platte Street activity and next door to the Denver Beer Company.
The Denver transaction marks the third for SCP with WeWork, including two other properties in Berkeley, CA and Toronto, Canada.
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