Crestone Partners, LLC
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.