Urban Renaissance Group buys Vail Resorts HQ, neighboring building for $103M

The buyer now owns three adjacent buildings in the Interlocken neighborhood.

Urban Renaissance Group’s footprint continues to grow in the Denver region, where it is the new owner of a pair of 10-story office buildings.

Seattle-based URG and investment management firm Rockwood Capital last week announced they acquired the buildings in Broomfield, which is between Denver and Boulder. One of the buildings is the headquarters of Vail Resorts.

The 380 and 390 Interlocken Crescent buildings sold for a combined $102.5 million, according to warranty deeds recorded on Friday.

The two buildings total 480,000 square feet, and bring URG’s Denver-area acquisitions to seven.
“380 and 390 Interlocken were attractive assets because they are complementary to our recent acquisition of 370 Interlocken. Having three buildings in close proximity allows for efficiencies in delivering services and amenities to our tenants,” a URG Group spokesperson wrote in an email.

URG in June paid Equus Capital Partners $34.45 million for 370 Interlocken, according to public records.
The seller of 380 and 390 Interlocken was Massachusetts-based Franklin Street Properties. Peter Merrion, Mark Katz and Hilary Barnett with JLL represented Franklin Street in the transaction.
Urban Renaissance Group said that 390 Interlocken — which Vail Resorts occupies — is 99% leased, while 380 Interlocken is approximately 60% leased.

Urban Renaissance Group is planning a few renovations to the two properties, including lobby and corridor upgrades and a possible amenity space with food and beverage options.

“We like the Interlocken submarket because it is situated just 14 miles from Denver, eight miles from Boulder and one mile from Flatiron Crossing (shopping mall). Additionally, it is close to local dining, retail and hotel amenities as well as the Rocky Mountain Airport,” the spokesperson said.

Peter Merrion, Mark Katz and Hilary Barnett with JLL represented the seller in the transaction.
Vail Resorts has been in its Interlocken headquarters since 2006, when it moved from the town of Avon and relocated 100 employees at the time, according to previous Denver Business Journal reporting. Vail did not immediately respond to a request for comment about staying at its location.

Vail Resorts shares its building with GAVS Technologies, while Palo Alto-based software company VMware Inc. occupies 380 Interlocken Crescent, according to addresses listed on their respective websites.

VMware has reduced its physical footprint in Bellevue by 31%, but a spokesperson told the Business Journal the company is optimizing space usage, not reducing its workforce.

URG, which has had a Denver presence since 2015, recently announced its further expansion into Denver this March. The company hired Brad Schmidt as its Denver managing director, and indicated its interest in pockets of Denver that included the U.S. Route 36 corridor, in addition to Lower Downtown, the Ballpark District, Cherry Creek and the River North Art District.

Urban Renaissance Group first made a splash on the Denver Market with the $29 million purchase of Market Center, along with City Street Investors and Stars Investments, according to previous DBJ reporting. It also purchased a 55,000-square-foot historic office building at 2301 Blake St. in 2016, followed by the purchase of KDVR-Fox 31’s and KWGN-2’s building at 100 Speer Blvd. for $23 million. Urban Renaissance Group also owns 2399 Blake St., a 70,000-square-foot building it purchased in 2018 for $33 million.

*Photo Credit: Jim Johnson

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Eric Richards