Weekly Real Estate News
The real estate investment firm Cress Capital has acquired The 410, a 24-story office building located in the Downtown Denver.
The property at 410 17th St. is near the Colorado State Capitol and encompasses approximately 440,000 square feet of office space – including 35,000 square feet of spec suites – and a detached eight-story parking structure. Its amenities include a state-of-the-art fitness center, conference and training facilities, an inviting outdoor tenant lounge and coffee bar.
The property was built in 1977 and underwent a major renovation in 2021. The financial terms of the transaction were not disclosed – it last changed hands in 2019 when Rialto Capital Management paid $127.5 million in its acquisition. Cress, in collaboration with Denver-based E2M Ventures, acquired a $113 million loan on the property last month and subsequently negotiated a deed-in-lieu of foreclosure with the prior owner.
“With well-capitalized and stable ownership behind the project, The 410 will be at the top of its competitive set, offering tenants an unparallelled hospitality-driven experience,” said Tom Parnell, managing partner at Cress. “We believe in the resurgence of Downtown Denver and that The 410 will contribute to Denver’s ongoing economic growth.”
