Newly Constructed Modern Office Property Provides Attractive Value Creation Opportunity in Thriving River North Art District
SAN FRANCISCO, Nov. 30, 2021 /PRNewswire/ -- Shorenstein Properties, LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the acquisition of Rev360 (the "Property"), a newly constructed five-story Class A office building in the highly desirable River North Art District ("RiNo") in Denver. Terms of the transaction were not disclosed.
Located at 3600 Brighton Boulevard, Rev360 is a transit-oriented property uniquely situated by the 38th & Blake Commuter Rail Station and provides convenient commuting options and easy access to Union Station and Denver International Airport. Totaling 170,234 square feet of modern office space, the Property features large and efficient floorplates with outdoor terraces, exposed high ceilings, ground floor retail, a fitness center and the largest parking garage in RiNo.
The transaction expands Shorenstein's real estate holdings in Denver and is complementary to an office project that is currently under construction. In February 2020, Shorenstein and Nichols Partnership, Inc. announced a joint venture to develop One Platte, a five-story mixed-use project in the vibrant Central Platte Valley district that is expected to complete construction in early 2022.
"We are excited to close on Shorenstein's first investment in RiNo, a thriving business, residential and cultural epicenter within the Denver metro area," said John Boynton, Managing Director at Shorenstein. "The Denver office market benefits from a strong regional economy and continues to attract corporate users from other markets. Rev360 offers a vibrant location with desirable amenities for tenants seeking to provide the best possible workplace environment for their employees as companies continue to return to the office."
CBRE represented the seller in the transaction.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
Jon Keehner / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Shorenstein Properties LLC