LaSalle acquires mixed-use, Class AA property in heart of historic “LoDo” Denver
CHICAGO July 14, 2015 – LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced it has acquired 16M, a Class AA, LEED certified, 10-story, mixed-use building located in the heart of Denver’s historic lower downtown submarket at the southwest corner of the 16th Street Mall and Market Street.
David Schreiber, Managing Director, LaSalle, said: “16M is one of a few exceptional LoDo assets we’ve targeted for acquisition given its first-class profile and product mix, strong tenancy and prime location at 16th and Market. We remain bullish about downtown Denver given its diversified economy, young and highly-educated population, and lifestyle advantages. In addition, the City has made an ongoing commitment to transit-oriented infrastructure investment which will help continue the strong growth we’ve seen throughout Denver.”
He added: “The amenity-rich, mixed-use vibrancy that continues to shape the LoDo submarket creates valuable synergies across property types benefitting both investors and users, and we believe the best LoDo assets should outperform the wider market given these unique attributes.”
The Class AA property boasts a high-quality commercial tenant roster including the regional headquarters of Morgan Stanley, D.A. Davidson and The ONE Group, operators of upscale, high-energy restaurants and lounges. 16M will soon feature the first U.S. location of STK Rebel, an upscale, trendy steakhouse, similar to its sister restaurant STK, but offering a broader menu and greater focus on lunch. In addition, the property also contains a Panera Bread and Garbanzo Mediterranean Grill directly on the 16th Street Mall.
“We’re very pleased that LaSalle found 16M to be the type of urban mixed-use development that will enhance the company’s already stellar portfolio,” said Bruce Deifik, President and Founder of Integrated Properties, the principal investor of 16M. “Properties that provide multiple uses, such as 16M, continue to grow in popularity, and we’re happy that LaSalle saw the value in ours.” Integrated Properties’ portfolio has included over 100 commercial properties, comprising more than 8.5 million square feet, across five states.
In total, 16M is a 189,284 square foot trophy property containing ground-level restaurant space, five stories of high-end office space and 36 luxury apartments on the upper four stories, as well as a rooftop terrace, a state-of-the-art fitness center, and three levels of underground parking.
16M is the third building that LaSalle has acquired in Denver’s LoDo submarket. Prior to 16M, LaSalle purchased Millennium Financial Center and Writer Square, both in September 2013.