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535 16th Street - Masonic Bldg, Denver, CO

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DetailMap
535 16th Street - Masonic Bldg

Denver, CO 80202-4235 - CBD Submarket


Property Type:Office Sub Type:- Status:Existing , Renov 2008 Year Built:1978
Stories:9 Typical Floor:- Building Size:69,803 SF
% Leased:
For Sale Price:$10,450,000 Price/SF:$149.71
Cap Rate:7.00 %
Smallest Space:606 SF Largest Space:8,162 SF Total Space Avail:12,183 SF Rent/SF/Yr:
$25.00 - $27.00
Amenities:Atrium, Bus Line, Food Service, Restaurant


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 3rd
606 SF
$25.00 - $27.00/SF/Yr
Vacant
3-5 yrs
Office
 3rd
2,043 SF
$25.00 - $27.00/SF/Yr
30 Days
3-5 yrs
Office
 6th
1,372 SF
$27.00/SF/Yr
Vacant
Thru Jun 2019
Office
 7th
4,639 SF
$25.00 - $27.00/SF/Yr
Vacant
Negotiable
Office
 7th
3,523 SF
$25.00 - $27.00/SF/Yr
Vacant
Negotiable
Office
 
9228762
11609896
11563562
10280711
11429971
Floor Plan
  
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
3rd
606 SF
$25.00 - $27.00/SF/Yr
Vacant
3-5 yrs
Office
3rd
2,043 SF
$25.00 - $27.00/SF/Yr
30 Days
3-5 yrs
Office
6th
1,372 SF
$27.00/SF/Yr
Vacant
Thru Jun 2019
Office
7th
4,639 SF
$25.00 - $27.00/SF/Yr
Vacant
Negotiable
Office
7th
3,523 SF
$25.00 - $27.00/SF/Yr
Vacant
Negotiable
Office
The Masonic Building was originally built in 1889 and designed by Frank Edbrooke in a Romanesque style. In 1985, the building was gutted by fire leaving only its stone exterior walls. A thorough reconstruction and renovation followed, bringing it back as one of Denver's finest historic buildings, which uniquely has an exterior that is nearly 120 years old combined with the benefits of an interior that is just over 20 years old.

The total size of the Masonic Building is 88,381 rentable square feet covering nine stories and an open atrium basement level. Of this, the offering includes 69,803 rentable square feet comprised of the space on all floors with the exception of the fourth and fifth. The fourth and fifth floors are owned and occupied by the Masonic Temple Association of Denver, who bear an allocation of building operating expenses ($43,567 for F’2006). These floors have their own access and elevator via an entrance on Welton Street.

The property's first floor is occupied by retailers with their own street access entrances, in addition to one retailer with an interior lobby access. The lobby of the building features an attractive three-story atrium from the open basement level through the second level, and a wide and open staircase. All of the floors are serviced by two elevators and by stairs.

The Masonic Building does not include any on-site parking, however its location benefits by being surrounded with a plethora of short term and long term parking options for tenants, customers and visitors, as shown on the map. In addition, the property has excellent access to public transportation with a light rail stop within one block and the 16th Street shuttles providing easy access to the major transportation hubs of Denver, including the soon-to-be redeveloped Union Station, which will serve as Denver's primary public transportation location.



Sale Notes:
JLL ( Broker ), as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in the Masonic Building, a 69,441 square foot, 92% leased. Class B historic office asset located in Denver, Colorado' s Central Business District (CBD).

The Masonic Building is a unique opportunity to acquire one of Denver' s historic office assets on the 16th Street Pedestrian Mall with secure and increasing cash flows. Currently the average in place lease rates are $1.00 to $2.00 below market lease rates. Providing general upgrades to the common areas, market rents can be increased an additional $1.50 to $2.00 per square foot allowing for significant value creation. Much of the value creation can happen in the first years of ownership with over 35% of the leases rolling over the next three years.

ICONIC HISTORICAL OFFICE INVESTMENT OPPORTUNITY ON 16TH STREET PEDESTRIAN MALL
DENVER CBD: ONE OF THE NATION' S STRONGEST AND MOST PREFERRED DOWNTOWNS
WALKABLE ACCESS TO RESTAURANTS AND PUBLIC TRANSPORATION
BELOW MARKET RENTS IN PLACE CREATE UPSIDE POTENTIAL

JLL
Jason Schmidt
(303) 260-6500


Colliers International
  
Ecospace


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