The 380 and 390 Interlocken Buildings total 480,000 SF in fast-growing Broomfield, CO
Broomfield, CO, September 1 2022 – Real estate investment management firm Rockwood Capital (www.rockwoodcap.com) (Rockwood) and Seattle-based commercial real estate firm Urban Renaissance Group (www.urbanrengroup.com) (URG), today announced the acquisitions of the 380 Interlocken Building and 390 Interlocken Building in the Denver area.
The 380 Interlocken and 390 Interlocken Buildings in Broomfield, CO are located in the vibrant Interlocken Business Park, adjacent to U.S. Route 36 between downtown Denver and Boulder. The two attractive 10-story, Class-A, office assets totaling more than 480,000 square feet, have anchor tenants that are global companies. Both buildings are U.S. Green Building Council LEED Gold-certified.
These two assets represent URG’s sixth and seventh local acquisitions. With this acquisition the company continues its Denver-area expansion to nearly 1 million total square feet of office space.
“We are excited to partner for the first time with URG and in the Denver area market where we have extensive real estate holdings,” said Matthew Friedman, Managing Director at Rockwood. “The Denver area and Broomfield in particular are bright spots in the national economy for office space, and we see great potential to increase occupancy with enhanced amenities in the two buildings, which together are 80% leased.”
“We believe that the Denver-Boulder corridor is an outstanding location long-term, and we’re pleased to increase our presence in this submarket,” said URG Founder and Chief Executive Officer, Pat Callahan.
“We are thrilled to add such a premier collection of office assets to our Denver portfolio. The assemblage offers rare scale and a blank canvas from which to recreate a sense of community through upgraded physical spaces, new amenity offerings and thoughtful programming,” said URG Managing Director, Denver, Brad Schmidt.
Class-A Office Buildings Ideally Located in Interlocken Submarket
Featuring a new and improved conference facility and fitness center with recent lobby, corridor, restroom and elevator upgrades, the 380 Interlocken Building was built in 2000. An amenity hub is planned that will serve the complex. The building is currently 60+ percent leased which presents an opportunity for tenant expansion.
Built in 2002, the 99+ percent leased 390 Interlocken Building features recent fitness center updates. Urban Renaissance Group will continue to improve the tenant experience through an Amenities hub and other improvements to the property.
Located on nine acres, the 380 and 390 Interlocken Buildings are surrounded by extensive parks, outdoor trails and open space with more than 12 miles of existing or planned biking/pedestrian paths nearby.
The 380 and 390 Interlocken Buildings are situated just one mile from the Flatiron Crossing, a bustling shopping mall that is home to 200 specialty retailers, restaurants and a multiplex, and are also close to additional local dining, entertainment, retail and hotels. The properties are conveniently positioned 14 miles from Denver, eight miles from Boulder and near the Rocky Mountain Airport, as well as a potential future Regional Transportation District (RTD) light rail stop.
Rockwood manages a portfolio of approximately $12.4 billion in gross asset value focused on debt and equity capital investing in residential, office, retail and hotel sectors in major cities and emerging urban and suburban nodes across the U.S., with close proximity to transit and infrastructure.
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 Denver-area 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 the 380 & 390 Interlocken Buildings it now owns and operates seven properties in the area totaling 980,000+ 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; the company has rapidly expanded to eight local employees—with five open positions in Colorado—in the less than six months since Schmidt took the helm.
The JLL sales team of Peter Merrion, Mark Katz and Hilary Barnett represented the seller on the sale of these assets.
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.
About Rockwood Capital
Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States.
Rockwood is a more than 80-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its principals have invested in approximately $37.5 billion of real estate and real estate-related assets (gross asset value). As of Q1 2022, Rockwood manages a portfolio of approximately $12.4 billion (gross asset value). Rockwood’s international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices. For more information, visit www.rockwoodcap.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
