Scope

143,000 square-foot, nine-story office and retail building. Includes six-level parking structure and street retail comprising of 10,400 square feet.

Challenge / Description

The project was acquired in 1996 from a major insurance company which had taken the building back from its previous developer owner. The building, located near Lake Avenue on Colorado Blvd was only 35% leased at acquisition and had been void of any leasing activity for several years since Bank of America had vacated the building.

Solution

Within five months after acquisition the building was brought to 98% occupancy due to the attraction of two major new tenants plus a well known local Spa which relocated from the Ritz Carlton Hotel. The leasing was handled internally by Barker Pacific and only 16 months after acquisition, the building  was sold for a substantial gain to the ownership. During the ownership period, the lobby and most restrooms were renovated to current standards.

Acquired

1997

Completed

Renovated in 1997-1998. Sold in 1999.

Partners

Barker Pacific Group and The Baupost Group

Financing
Wells Fargo Bank

Major tenants

• Catholic Healthcare West
• CitySearch
• Amadeus Spa