Six-Story Class-A Commercial Office Building in Interlocken Corridor
Represents URG’s Fifth Local Acquisition as Company Continues Area Expansion
Seattle, Wash., June 2, 2022 – Seattle-based commercial real estate firm Urban Renaissance Group (www.urbanrengroup.com) (URG) today announced its acquisition of the 370 Interlocken Building in the Denver area for $34.45 million. The seller is an affiliate of Equus Capital Partners, Ltd.
Located at 370 Interlocken Boulevard in Broomfield, Colo., along U.S. Route 36 between downtown Denver and Boulder, the six-story, 150,000+ square foot Class-A commercial office building represents URG’s fifth local acquisition as the company continues to expand in the Denver area.
“We’re excited about our purchase of 370 Interlocken building in this prime submarket and what it means for URG’s continued growth in Denver,” said URG Founder and Chief Executive Officer, Pat Callahan.
“As a top-tier asset located close to Denver, Boulder and Flatiron Crossing, we think 370 Interlocken is an ideal acquisition—especially given its close proximity to high-quality executive/workforce housing and a highly-educated workforce,” continued Callahan.
”370 Interlocken is a great asset and URG will continue to improve the building during its ownership,” added Brad Schmidt, URG Managing Director, Denver. “We look forward to a long-term presence in this corridor.”
Ideally-Located Class-A Office Building in Interlocken Submarket
Built in 1998 and located on nine acres, the 370 Interlocken Building features bike storage, a fitness center, tenant lounge, conference center, locker room/showers and electrical vehicle (EV) charging stations. The property is surrounded by extensive parks, outdoor trails and open space with more than 12 miles of existing or planned biking/pedestrian paths nearby.
Renovated in 2017, the building also includes new lobby finishes and furniture, fully-remodeled restrooms on all floors and a remodeled elevator lobby and corridor—with typical floor plates at 25,000 square foot Urban Renaissance Group will also continue to improve the building as needed to keep it competitive in the marketplace.
Situated just 14 miles from Denver, eight miles from Boulder and one mile from Flatiron Crossing—a bustling shopping mall that is home to 200 specialty retailers, restaurants and a multiplex—370 Interlocken is also close to additional local dining, retail and hotel amenities and near the Rocky Mountain Airport as well as a potential future Regional Transportation District (RTD) light rail stop.
URG Furthers Expansion Plans in Robust Denver Market
With a focus on downtown Denver including lower downtown (LoDo), the historic Ballpark District, the River North Arts District (RiNo), the Cherry Creek neighborhood and U.S. Route 36 between Boulder and Denver, URG recently announced plans for expansion in office, multi-family and hotel markets along with office acquisitions—including a special emphasis on the technology and life science sectors.
The company began pursuing property investments in Denver in 2014 and with the acquisition of 370 Interlocken now owns and operates five properties in the area totaling 500,000 square feet of office; it also has two residential development sites in downtown Denver. Most recently, the company named 20+ year industry veteran Brad Schmidt Managing Director, Denver, where he is responsible for driving growth in development and acquisitions and overseeing the company’s current holdings.
Current URG investments in Denver and the surrounding area include:
In total, the company has a portfolio of more than 13 million square feet in Seattle, Portland and Denver combined.
Newmark represented the seller in this transaction.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
