2301 Blake Street
OREP acquired 2301 Blake Street in Denver, CO in March 2015 directly (without a joint venture partner) through an off market opportunity. OREP was introduced to the asset through Blake Street Tavern, one of the building’s two tenants. Per their lease, Blake Street Tavern maintained a first right of refusal to acquire the building, which they assigned to OREP prior to Closing.
The original business plan was to increase the adjacent office tenant’s (Davis Partnership Architects) 35,000 square foot lease to market rent prior to their lease expiration in December 2015. In January 2016, OREP leased the entirety of the Davis Partnership space to Spaces (a Regus company). OREP also increased the leasable square feet of the property through a BOMA re-measurement and completed several physical upgrades, including the installation of new mechanical equipment on the roof to serve the office tenant. OREP marketed the property for sale in March 2016.
The property was sold in July 2016.