Bank OZK Lends $242M on Denver Office Tower Build
Riverside Investment & Development and Convexity Properties have landed $242 million of construction financing to build a new office tower in Denver, Commercial Observer has learned.
Bank OZK provided the loan for the joint venture’s development of a 30-story office tower in Denver’s west central business district. Construction of the Class A property at 1900 Lawrence Street is slated to commence in March, with completion set for early 2024.
On Monday the JV announced a partnership with Canyon Partners Real Estate (CPRE) on the development. Los Angeles-based CPRE is making an $80 million preferred equity investment in the project.
Representatives for Bank OZK and CPRE did not immediately return requests for comment.
The property will feature hospital-grade ventilation systems and multiple floors with private tenant terraces that have views of Coors Field, which is home to Major League Baseball’s Colorado Rockies. Its amenities will include a fitness center, multi-use conference facilities and a tenant lounge with access to a landscaped outdoor terrace.
“The local economy continues to benefit from corporate relocations and dynamic population growth, and our location is tailor-made for a best-in-class office environment that prioritizes occupant wellness, technology and unparalleled amenities,” Anthony Scacco, COO at Riverside, said in a statement. “We look forward to delivering a workspace that matches the demands of top-tier talent within the Denver business community.”
Jamie Roupp, a managing director at JLL, will manage leasing for the project.
“Now, more than ever, the office leasing decision revolves around what will compel employees to come back to the office,” Roupp said in a statement. “Tenants in Denver, existing and new to market, are gravitating to the quality and location of this asset.”
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