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| The George, an eight-story office and retail property totaling 91,027 square feet at 820 16th Street in Denver, CO. |
“This joint venture acquisition aligns well with
our contrarian approach, through which we invest in overlooked markets that
have a demonstrated pattern of growth,” says Carl Chang, CEO and Founder
of Kairos.
“In 2020, Denver was named one of the top moving destinations in
the country and ranked among the top five U.S. cities for inbound growth.
The George is a property that synchronizes with Kairos’ value strategy, which makes value-based real estate investments in strong recovery and growth markets by selecting assets primed for capital and operational improvements.
As part
of this strategy, Kairos plans to add value to the property by leasing up
office spec suites within the building and exploring development of additional
uses within the building, notes Jonathan Needell, CIO of Kairos.
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| Jonathan Needell |
“Many investors are being conservative about
placing capital in sectors like office and retail that were hit hardest during
the last two years,” says Needell.
“Conversely, Kairos views these sectors as
contrarian opportunities to acquire properties that are positioned to increase
in value after the pandemic.
"The George benefits from its location, as
the Denver metro area is consistently ranking as one of the top cities for startups in the U.S.,
offering a high-quality, active lifestyle and lower cost of living compared to
markets like Chicago and New York.”
A historic property constructed in 1906 and
renovated in 2020, The George is an office building with ground-floor retail
situated close to public transportation including a light rail station.
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| Joon Choi |
The asset is located in the central business district of Denver, an area with a strong diverse economy of high-paying jobs within the tech, financial, medical and education sectors.
Many businesses in the area are involved in top
office-using industries including artificial intelligence, life sciences,
and financial products and services.
“Our joint venture partnership sees Denver as a
key market for continued growth,” says Joon Choi, Principal at Harbor
Associates. “Colorado is one of the fastest-growing states in the
U.S., with Denver continuously leading population growth over
the last four years.
"The
George’s strong location within this market and modern amenities position it
for increased resident demand in the years to come.”
The George recently received several property
improvements including new conference areas, a new lounge, updated HVAC, and
bicycle storage—ideal amenities in light of Denver’s active lifestyle and
the property’s easy-commute address.
The asset is in close proximity to recreational
parks, several prominent sports arenas, shopping and dining options, as well as
Denver’s 16th Street Mall, which is currently undergoing
renovations.
Contacts:
Arleeny Escarcega / Lexi Astfalk
(949) 438-6262
aescarcega@thesmartagency.com
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