Crestone’s principals have been partners in and managed and leased a number of institutionally owned assets, the most notable of which was the 2.5 million square foot Denver Place project that spanned two city blocks of Denver’s central business district. Denver Place included three office towers totaling 1.2 million square feet, 100,000 square feet of retail space, a 50,000 square-foot athletic club, and a 37-story tower consisting of a 367-room hotel and 193 luxury apartment units. Over a number of years all three principals navigated and led a complex repositioning and highly profitable sale of these assets.
Because our background is primarily in commercial and residential asset and property management, we have always balanced profit maximization with long-term tenant retention. We place great importance on providing our tenants with excellent customer service.
In 2007 Crestone Partners underwrote and acquired with institutional partners three trophy commercial property assets. In January we acquired 151 Detroit Street, the 162,000 square-foot World Headquarters’ Building of Janus Capital Group, a mutual fund company located in Denver’s Cherry Creek North neighborhood. In December we acquired two newly constructed Class A, office and retail towers totaling 297,000 square feet in Denver’s LODO neighborhood. 1401 Wynkoop was completed in September 2008 and 1400 Wewatta was completed in January 2009. These two office/retail towers are nearly fully leased with prestigious and creditworthy public and private companies, including national law firms, financial institutions, the corporate headquarters of a national restaurant chain and the regional office of a national commercial real estate services firm.