CIM GROUP ACQUIRES LODO TOWERS OFFICE BUILDINGS IN DOWNTOWN DENVER
DENVER – May 15, 2018 – CIM Group today announced the acquisition of LoDo Towers, a two building office campus located at 1331 and 1401 17th Street and two adjacent parking garages comprised of approximately 1,140 stalls in Lower Downtown (“LoDo”) Denver. 1331 is approximately 220,000 square feet and features 13 stories with 17,000-square-foot floorplates. 1401 is approximately 190,000 square feet and features 16 stories with 13,000-square -foot floorplates. The buildings offer unobstructed views of the Rocky Mountains and notable sites in LoDo including Union Station and Coors Field and offer the best parking ratio in the LoDo submarket.
LoDo Towers is in the hub of downtown Denver, ideally situated in the LoDo submarket, just minutes from Union Station, the area’s epicenter, and steps from the bustling16th Street Mall, a pedestrian shopping, dining and entertainment area, which offers the free MallRide service. The Property is also located just a few blocks from historic Larimer Square, with its eclectic collection of shops and eateries. In addition, tenants have easy access to the free MetroRide downtown circulator that allows them to reach many downtown amenities. The Property also offers convenient access to Interstate 25, given the location just three blocks from Union Station, access to light rail, bus and commuter rail services.
CIM brings its wealth of experience in managing and repositioning commercial properties in urban markets to this significant asset in downtown Denver. CIM assesses properties within the context of the greater community to ensure that each asset make a positive contribution to the area.
CIM has been actively involved in Denver since 2015 when it acquired the former University of Colorado Health Sciences Center with Continuum Partners to co-develop the 26-acre site into 9th & Colorado, an urban infill mixed-use project. Recently the first retail tenants were announced, including a 10-screen AMC Theatres® that will anchor one of the 12-blocks of the project. Earlier this month, Theo, the first residential component of 9th & Colorado, welcomed its first residents to the 275-unit, nine-story apartment building. A second residential building of 319 units is currently under construction. LoDo Towers is CIM’s first acquisition in downtown Denver.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail, office, and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com.