1125 17th St. Image courtesy of JLL Capital Markets

A joint venture comprising hines, Pearl and an undisclosed LP secured a $135.7 million loan to refinance 1125 17th St., a 494,689 square foot office building in downtown Denver. JLL Capital Markets arranged the five-year floating rate bridge loan, while German Bank provided the funding.

According to Chris Crawford, Hines Senior Managing Director, the owner will renovate the property. He added in prepared remarks that plans include a new front door arrival, a rejuvenated lobby with a concierge, a ground-floor restaurant, a conference center and a rooftop terrace.

Built in 1982, the 25-story property offers floor plates ranging from 18,000 to 22,000 square feet, according to CommercialEdge data. A total of 445 parking spaces are available at a parking ratio of 0.9 spaces per 1,000 square feet, according to the same data provider.

The LEED Silver certified property also has 12,000 square feet for retail. Current facilities include a basketball court, health club, juice bar and conference space. With an occupancy rate of over 80% according to JLL, the property’s list of tenants includes Xactly, SRK Consulting, Chase and Halliburton, among others.

An office asset in the middle of everything

The asset is half a mile southeast of Denver Union Station and has several RTD light rail stops within walking distance. Due to its location in downtown Denver, the property offers many shopping, dining and entertainment venues within a one mile radius. Access to Interstate 25 via Auraria Parkway is less than two miles west, while Civic Center Park is less than 1 mile southeast.

Senior Managing Director Eric Tupler and Managing Director Chris McColpin led the JLL Capital Markets team representing the borrower.

Last month, JLL Capital Markets arranged the sale of First Avenue Plaza, a two-building office development in Denver’s Cherry Creek submarket, for $104.8 million. Peter Merrion, managing director of JLL Capital Markets, said the company is bullish on the Denver market as it sees continued demand from tenants and investors to expand or relocate to Denver.