NEWPORT
BEACH, Calif., May 3, 2024
/PRNewswire/ -- Real estate investment firm Cress Capital is
pleased to announce the successful acquisition of The 410, a
distinguished 24-story office building located in the heart of
Downtown Denver. Situated at 410
17th Street, the property underwent a major renovation in 2021 and
includes approximately 440,000 square feet of office space and a
detached eight-story parking structure.
Located within blocks of the Colorado State Capitol, the
property features a contemporary lobby and an array of premium
amenities, including a state-of-the-art fitness center, conference
and training facilities, an inviting outdoor tenant lounge, and the
Little Owl Coffee bar. Nearly 35,000 square feet of meticulously
crafted and thoughtfully designed spec suites are primed and ready
for immediate occupancy.
Cress, in collaboration with Denver-based E2M Ventures, acquired the loan
on the property earlier this year and subsequently negotiated a
deed-in-lieu of foreclosure with the prior owner.
Tom Parnell, Managing Partner at
Cress, said, "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. We
believe in the resurgence of Downtown
Denver and that The 410 will contribute to Denver's ongoing economic growth."
The acquisition aligns with Cress' strategy of investing in
out-of-favor opportunities at attractive valuations and underscores
the firm's confidence in not only Denver's downtown office market but also the
U.S. office market overall.
The pandemic and rising interest rates have combined to create
record distress in the U.S. office market.
"This era will offer historic entry points to acquire quality
assets that we believe will generate superior risk-adjusted
returns," said Cress Managing Partner Ryan Parkin. "With hundreds
of billions of dollars of loan maturities facing office owners, we
expect to see significant deal flow and more opportunities like The
410."
Cress expects to accelerate its investments in office buildings
across the U.S. and leverage its proven operating platform to cater
to the demand of today's office tenants or reposition buildings to
alternative uses.
ABOUT CRESS CAPITAL
Formed in 2012 and headquartered in Newport Beach, CA, Cress Capital is a
multi-strategy commercial real estate operator, manager and
investor. Cress focuses on investments and developments in the
Western U.S. across the industrial and office sectors. Cress also
manages an Opportunity Zone investment business, capitalizing
projects in designated Opportunity Zones across the U.S. At its
core, Cress believes that superior risk-adjusted returns are
achieved by acquiring mispriced assets, adding value through
repositioning and development, and knowing when to sell. For more
information, visit www.cresscapital.com.
MEDIA CONTACT
Jennifer Parnell
377213@email4pr.com
720-515-3651
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SOURCE Cress Capital