1290 Broadway (“the Property”) is one of Denver’s iconic office buildings providing tenants with a live, work, play experience. This institutionally owned property is 78.9% leased and has maintained an average occupancy of nearly 85% over the last 20 years.
The Property is leased to 15 tenants with 4.1 years of weighted average lease term and is anchored by ALPS Holdings who occupies 26% of the RBA and renewed its lease for an additional 8 years 2020. Ownership also recently leased 12,214 SF to one tenant in the healthcare industry. A majority of the vacant spaces at 1290 Broadway will need a minimal tenant improvement package due to the overall good condition of the spaces.
1290 Broadway offers attractive investment economics in one of Denver’s popular submarkets, Capitol Hill. Straddling the Capitol Hill and Golden Triangle neighborhoods, its location offers a vibrant mix of arts, culture and retail amenities on the periphery of Denver’s CBD. Surrounded by the Judicial Center, Denver Art Museum and the Denver History Museum which provides unique meeting space for tenants, 1290 Broadway provides a neighborhood experience with walkable access to popular eateries, coffee shops, hotels and an abundance of multi-family housing options.
The property is a 5-minute walk to the 16th Street Mall Shuttle which connects to Union Station and light rail and a five-block ride to the Cherry Creek Trail – connecting Denver to Cherry Creek – with various bus stops just outside its front doors.
Building amenities include an unmatched 1.9 : 1,000 SF parking ratio, remodeled common areas, bike storage, a spa quality fitness facility, as well as great city and mountain views. 1290 Broadway successfully meets the needs of smaller tenants with a current median tenant size of 5,892 SF. A full floor requirement of 18,582 SF can be found on the 7th floor with a variety of smaller suites from 1,891 to 9,328 SF scattered across the balance of the space. 81% of current vacancy is found on floors 7+.
With only one lease expiring before June 2026, an investor can focus on the continued lease-up of the building. New ownership will benefit from the significant capital that current ownership has already put into the building over their long-term hold, as well as the vacant space conditions that will need little to no tenant improvements.
