Hub North is located at 3660 Blake St. in Denver. (Courtesy JLL)
A lender that took back the Hub North office building in Denver’s RiNo neighborhood earlier this year has found a buyer — and again financed the deal.
An entity affiliated with Pennsylvania-based Tourmaline Capital Partners purchased the eight-story, 111,000-square-foot building at 3660 Blake St. last Thursday, paying $33 million, according to public records.
That works out to $297 a square foot.
Attempts to reach Tourmaline for comment were unsuccessful. The company’s website says it focuses on “opportunistic office investments” and has bought $3 billion worth of real estate since its 2021 founding. Its portfolio lists properties in Phoenix, Miami, Charlotte, Nashville and other cities.
Sold by an affiliate of Ares Commercial Real Estate Management, Hub North appears to be the company’s first Colorado holding.
Hub North was completed in 2020 by Boston-based Beacon Capital Partners, which also developed the connected Hub office building at 3601 Walnut St.
Hub North was still vacant the following year when it sold for $40.5 million to Eagle Point Capital Partners and Farallon Capital. Ares financed that 2021 transaction with a $37.5 million loan and took ownership of Hub North via a deed-in-lieu of foreclosure earlier this year.
Ares provided a $34 million loan to Tourmaline in connection with last week’s deal.
Hub North was 75% leased as of this spring, according to CoStar.
Hub North is located at 3660 Blake St. in Denver. (Courtesy JLL)
A lender that took back the Hub North office building in Denver’s RiNo neighborhood earlier this year has found a buyer — and again financed the deal.
An entity affiliated with Pennsylvania-based Tourmaline Capital Partners purchased the eight-story, 111,000-square-foot building at 3660 Blake St. last Thursday, paying $33 million, according to public records.
That works out to $297 a square foot.
Attempts to reach Tourmaline for comment were unsuccessful. The company’s website says it focuses on “opportunistic office investments” and has bought $3 billion worth of real estate since its 2021 founding. Its portfolio lists properties in Phoenix, Miami, Charlotte, Nashville and other cities.
Sold by an affiliate of Ares Commercial Real Estate Management, Hub North appears to be the company’s first Colorado holding.
Hub North was completed in 2020 by Boston-based Beacon Capital Partners, which also developed the connected Hub office building at 3601 Walnut St.
Hub North was still vacant the following year when it sold for $40.5 million to Eagle Point Capital Partners and Farallon Capital. Ares financed that 2021 transaction with a $37.5 million loan and took ownership of Hub North via a deed-in-lieu of foreclosure earlier this year.
Ares provided a $34 million loan to Tourmaline in connection with last week’s deal.
Hub North was 75% leased as of this spring, according to CoStar.
