{"id":1004712727,"date":"2024-05-06T04:47:13","date_gmt":"2024-05-06T12:47:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004712727"},"modified":"2024-05-07T07:58:33","modified_gmt":"2024-05-07T15:58:33","slug":"cress-capital-acquires-downtown-denver-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/","title":{"rendered":"Cress Capital Acquires Downtown Denver Tower"},"content":{"rendered":"
\n
\"The
The 410 has nearly 35,000 square feet of spec suites ready for immediate occupancy. Image courtesy of Cress Capital<\/figcaption><\/figure><\/div>\n\n\n

Cress Capital has acquired The 410, a 24-story Class A office building in downtown Denver. In collaboration with Denver-based E2M Ventures, Cress had acquired the loan on the 440,000-square-foot building earlier this year and later negotiated a deed-in-lieu of foreclosure with the previous owner.<\/p>\n\n\n\n

Cress Capital declined to comment on whether there was any cash consideration, or if so how much, as part of the deed-in-lieu.<\/p>\n\n\n\n

The property is located at 410 17th St., within blocks of the Colorado State Capitol. The building and was completed in 1977 and renovated in 2021.<\/p>\n\n\n\n

The 410 features a contemporary lobby and amenities such as a fitness center, conference and training facilities, an outdoor tenant lounge, a coffee bar and a detached eight-story parking structure. In addition, the building has nearly 35,000 square feet of spec suites ready for immediate occupancy.<\/p>\n\n\n\n

The building is currently just under 30 percent occupancy, Tom Parnell, managing partner at Cress Capital told Commercial Property Executive<\/em>.\u00a0<\/p>\n\n\n\n

Slow Times a Mile High<\/p>\n\n\n\n

Metro Denver\u2019s office market was slow through 2023, with lower construction starts and completions versus 2022 and a continuing lull in activity in January of this year, Commercial Property Executive<\/em> reported<\/a> in March. Further, the overall office vacancy remained above than the national average.<\/p>\n\n\n\n

One bright spot was T3 RiNo, a six-story mass timber building developed in River North by Ivanho\u00e9 Cambridge, Hines and McCaffery. Last November, Xcel Energy\u2013Colorado preleased<\/a> all 220,000-plus square feet of office space at the property, intending to occupy it as Xcel\u2019s new regional headquarters starting in 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

The building sits within blocks of the Colorado State Capitol and underwent renovations in 2021. <\/p>\n","protected":false},"author":882,"featured_media":1004712728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21783,21742,21747,15],"tags":[35947],"class_list":["post-1004712727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-investment","category-latest","category-office","category-west","tag-cress-capital"],"acf":[],"yoast_head":"\nCress Capital Acquires Downtown Denver Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cress Capital Acquires Downtown Denver Tower\" \/>\n<meta property=\"og:description\" content=\"The building sits within blocks of the Colorado State Capitol and underwent renovations in 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-06T12:47:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-07T15:58:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Cress_Capital_The_410.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/\",\"name\":\"Cress Capital Acquires Downtown Denver Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Cress_Capital_The_410.jpg\",\"datePublished\":\"2024-05-06T12:47:13+00:00\",\"dateModified\":\"2024-05-07T15:58:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cress-capital-acquires-downtown-denver-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Cress_Capital_The_410.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Cress_Capital_The_410.jpg\",\"width\":800,\"height\":620,\"caption\":\"The 410 has nearly 35,000 square feet of spec suites ready for immediate occupancy. 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