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September 28, 2015

URG pays $29M for Denver's Market Center

Photo courtesy of Urban Renaissance Group [enlarge]

Urban Renaissance Group said it paid $29 million for Market Center, a historic office building in Denver, with Stars Investments and City Street Investors as partners.

HFF represented the seller, Jonathan Rose Companies.

Market Center has 121,000 square feet of office and retail space, and is the first purchase in Denver by URG and Stars Investments. The property is near the central business district and Union Station.

It was built between 1872 and 1902 as five buildings that have been combined into one structure with continuous floorplates. A renovation added new finishes, shared spaces, skylights and an atrium. URG is planning more upgrades to tenant spaces, systems and common areas.

Patrick Callahan of URG said Denver has very few brick-and-beam office-and-retail buildings so Market Center is “an irreplaceable asset.”

It is 86 percent leased.

CSI is a retail firm that has been involved in Denver's Larimer Square and Union Station. It will help reposition the 36,000 square feet of retail.

URG owns or operates about seven million square feet in the Northwest, and invested with Stars on 500 Yale in Seattle's South Lake Union.

Stars was founded in 2009 to manage investments for a Chilean entrepreneur named Felipe Ibanez Scott. Its real estate portfolio totals more than 1 million square feet, with holdings in Denver, Boston, Seattle, Washington, D.C., and the UK.




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