Real estate investment firm Cress Capital has acquired The 410, a 24-story office building located in the heart of Downtown Denver. Situated at 410 17th St., the property underwent a major renovation in 2021 and includes approximately 440,000 square feet of office space and a detached eight-story parking structure.
Located within blocks of the Colorado State Capitol, the property features a contemporary lobby and an array of premium amenities, including a state-of-the-art fitness center, conference and training facilities, an outdoor tenant lounge and the Little Owl Coffee bar. Nearly 35,000 square feet of meticulously crafted and thoughtfully designed spec suites are primed and ready for immediate occupancy.
Cress, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently negotiated a deed-in-lieu of foreclosure with the prior owner.
“With well-capitalized and stable ownership behind the project, The 410 will be at the top of its competitive set, offering tenants an unparalleled hospitality-driven experience,” said Tom Parnell, managing partner at Cress. “We believe in the resurgence of Downtown Denver and that The 410 will contribute to Denver’s ongoing economic growth.”
The acquisition aligns with Cress’ strategy of investing in out-of-favor opportunities at attractive valuations and underscores the firm’s confidence in not only Denver’s downtown office market but also the U.S. office market overall.
The pandemic and rising interest rates have combined to create record distress in the U.S. office market.
“This era will offer historic entry points to acquire quality assets that we believe will generate superior risk-adjusted returns,” said Cress Managing Partner Ryan Parkin. “With hundreds of billions of dollars of loan maturities facing office owners, we expect to see significant deal flow and more opportunities like The 410.”
Cress expects to accelerate its investments in office buildings across the U.S.
