Urban Renaissance Group acquires second major building in Denver; first in the city’s historic River North Neighborhood.
Seattle-based Urban Renaissance Group and Stars Investments, a Chilean investment firm, have purchased 2301 Blake St. in Denver’s River North Neighborhood, marking the second big Denver property purchase by the group.
“Our level of interest in investing is high in both Seattle and Denver. Both are great cities that attract talented workers from around the globe. Both have great downtowns well supported by transit. We like the friendly, collaborative business style of Denver,” Urban Renaissance Group CEO Patrick Callahan said.
The building acquired hosts a popular sports pub, the Blake Street Tavern, which will continue to occupy about 20,000 square feet of retail space on the ground floor.
Spaces, a provider of co-working facilities, earlier this year agreed to lease 35,000 square feet of office space previously occupied by Davis Partnership Architects, which relocated to the Bindery on Blake at 2901 Blake St.
Spaces, an Amsterdam-based subsidiary of Regus, is making its first entry into the Denver market and plans to open its co-working facility in October.
Last September, Urban Renaissance and Stars Investments entered the Denver market with the $29 million purchase of The Marketplace Center, five historic buildings with 122,000 square feet of retail and office space near RTD’s shuttered Market Street Station.
URG and Stars Investments brought in City Street Investors, a local group involved in the renovation of Union Station and Larimer Square, on that deal, but not the latest one. Callahan said City Street might participate in future purchases by the group.
McPhee & McGinnity Co., a large regional supplier of building materials, built 2301 Blake St. in 1913 for general office and warehouse space, according to History Colorado.
After the company failed during the Great Depression, the Denver Fire Clay Co. moved into the space in 1935. The building, which is designed in the Second Renaissance Revival style, was added to the National Register of Historic Places in 1984.
Urban Renaissance is a full-service commercial real estate company with holdings in Seattle; Bellevue, Wash.; Portland and Denver. Stars Investments manages the holdings of Chilean entrepreneur Felipe Ibañez Scott, who helped Walmart establish a foothold in that country.
Jim Brady and R.C Myles of Cushman & Wakefield represented the seller — Denver-based Oakwood Real Estate Partners. Oakwod purchased 2301 Blake St. in March 2015 for about $10 million. URG and Stars Investments didn’t disclose a purchase price.