HFF arranges equity and construction financing for core office development in Denver’s central business district
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged and closed joint venture equity and construction financing for the development of 1144 Fifteenth, a Class A, 662,000-square-foot office tower to be built in downtown Denver’s central business district.
HFF worked on behalf of the borrower, Hines, to secure the 50 percent-of-cost, four-year, interest-only loan through a national bank.
1144 Fifteenth is located at the corner of 15th and Lawrence Streets adjacent to the Four Seasons Hotel and Private Residences in Denver’s central business district within the Midtown West submarket. It is one block away from Larimer Square and the 16th Street Mall, as well the 16th Street Free Mallride allowing tenants access to Union Station, The Capital and multiple light rail stops throughout the metro. The 0.9 acre site was used for surface parking prior to the development breaking ground in May. Due for completion in January 2018, the 40-story property will feature 27 stories of office space totaling 656,000 square feet, 6,000 square feet of ground floor retail and 13 stories of parking (two below grade and 11 above grade). The building’s shell and core is Pre-Certified LEED Gold by the US Green Building Council. Building amenities will include a two-story lobby, mezzanine level collaboration-style great room overlooking Skyline Park, 14th and 40th floor outdoor terraces, a 5,000-square-foot fitness center and a full-service car wash in the garage.
The HFF debt and equity placement team was led by senior managing directors Mary Sullivan, John Jugl and Eric Tupler along with executive managing director Scott Galloway and associate director Leon McBroom.
“1144 Fifteenth will be the premier asset in Denver when completed and it will be the core office tower delivered in the last three decades,” said Jugl. “Given the office space starts on the 14th floor, tenants will have incredible unobstructed views of the Rocky Mountains and the city. Based on the development restrictions of surrounding properties, these views should remain unobstructed for the life of the project.”
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. www.hines.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF) HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.