Properties

Denver Place
North and South Towers

Property Highlights

 

Year Built:                               1981

Year Purchased:                   1985

Year Sold:                               2007

Square Feet:                           830,000

Number of Floors:                  One 34-story office                                                         tower plus one 23-                                                         story office tower, two                                                     seven-story  terrace                                                       buildings and a two-                                                       story retail mall.             Other:                                       925 subterranean                                                           parking stalls 

History

 

Denver Place is an office-retail complex in Denver’s CBD and is a highly recognized downtown landmark.  The exterior continuous curtain wall is comprised of silver gray alucobond panels and is contrasted by dark gray reflective glass. Denver Place features great entrances at each tower and each terrace.  When sold in 2007, the retail space featured several restaurants, a dry-cleaners, a bank, and a fitness center.  Crestone’s principals and staff performed asset management, property management and leasing functions while employed by an affiliate of the building’s owner, Amerimar Realty. They were responsible for repositioning the asset as a highly energy efficient Class A office-retail project. Denver Place was the first office building in Colorado to obtain the Energy Star label (1999) and was the first building in Colorado to obtain LEED-EB Gold certification (2004).

 

The property was sold in 2007 for a substantial profit. 

Embassy Suites Hotel and Athletic Club at Denver Place 

 

Property Highlights

 

Year Built:                                    1983

Year Purchased:                        1985

Year Sold:                                    2005

Rooms:                                        367 one and two                                                             bedroom suites

Number of Floors:                     19 hotel floors plus                                                         three-level 50,000                                                           square foot full                                                                 service athletic club

History

 

Embassy Suites Hotel

 

The Embassy Suites Hotel (currently the Ritz Carlton-Denver) occupied floors one through 19 of a 31-story tower in Denver’s CBD.  Crestone’s principals performed asset management and property management functions for the hotel and athletic club until they were sold by an affiliate of Amerimar Realty in 2005. 

 

For the entire tenure of Amerimar’s ownership, the Embassy Suites was one of Denver’s top performing hotels in ADR and REVPAR.  The adjacent Athletic Club at Denver Place (currently Forza) was a nationally recognized, award winning and profitable full service athletic club.

 

The hotel and athletic club were sold in 2005 for a substantial profit.  

Plaza Tower

 

 

Property Highlights

 

Year Built:                                   1984

Year Purchased:                       1985

Year Sold:                                   2005

At Purchase Occupancy:         8%

At Sale Occupancy:                  86%

Square Feet:                              554,000

Number of Floors:                     31              

Other:                                           615 subterranean parking stalls 

History

 

Plaza Tower

 

Plaza Tower (later renamed Granite Tower) is a 31 story office tower located in the heart of Denver’s CBD. The elegant exterior curtain wall is comprised of continuous black reflective glass.  The main lobby walls are finished with polished rose granite.  The two–story lobby opens out to a large plaza on the second level.  Crestone’s principals and staff performed asset management, property management and leasing functions while employed by an affiliate of the building’s owner, Amerimar Realty.  The Plaza Tower was the second building in Denver to achieve the Energy Star label (1999).

 

The asset was sold in 2005 for a substantial profit.

 

Crestone Partners.net

One Gateway Plaza

Property Highlights

 

Year Built:                                   1986

Year Purchased:                       1999

Year Sold:                                   2001

At Purchase Occupancy:         70%

At Sale Occupancy:                  95%

Square Feet:                              113,139

Number of Floors:                     4 plus a penthouse   

Other:                                           347 parking stalls 

History

 

 

One Gateway Plaza

One Gateway Plaza is a four-story suburban Class A multi-tenant office building with a fifth floor penthouse totaling 113,139 rentable square feet. The building is located in the East/Airport submarket of Colorado Springs, which had the lowest vacancy rate in the city of just 3.4% at the time of acquisition. The main lobby of the building has an attractively landscaped, four-story atrium with a large skylight. The building was primarily leased to national companies with a strong emphasis on the defense industry. The property is strategically located in an area accessible to the CBD, Municipal Airport, Peterson Air force Base and the North American Aerospace Defense Command facility (NORAD) which is located in Cheyenne Mountain.

When Amerimar acquired the property in January 1999 the building was only 70% leased. With strategic capital improvements and an aggressive leasing program, the building achieved stabilization by July 1999. It was sold in July 2001 for a significant profit.

  • facebook
  • Twitter Round
  • googleplus