The office building at 1630 Welton St. has been given back to its lender. (BusinessDen file)
The coworking business within a downtown Denver building that was given back to its lender this summer is poised to get new management.
Dallas-based Strive Workspaces will take over management of the coworking operation at 1630 Welton St. on Oct. 13, Strive President Mark Burge told BusinessDen last week.
The business is currently home to Chicago-based Expansive, which bought the building in 2017. The company refinanced the property in September 2022 with a $12.3 million loan from RRA Capital, but later defaulted.
Expansive gave its lender ownership of the building at the start of July, although the company has continued to manage the space on behalf of RRA, and will do so until Strive takes over next month.
Mark Burge
Burge said he founded Strive and its sister company, Flex Workspace Solutions, a couple years ago after getting calls from existing coworking spaces looking to improve their operations — and from landlords and lenders with underutilized space.
Burge said RRA contacted his company to take over at the 10-story 1630 Welton St. building, which is 115,000 square feet. The company has a 12-month agreement that can be renewed and will be paid a management fee.
“They loved the flex workspace concept and wanted to keep it in the building — they just wanted a fresh go around,” he said.
The space will be rebranded Strive Denver. He said existing tenants will get to keep their current pricing, although the company may adjust pricing for new customers, particularly if and when the building’s owner undertakes improvements.
“They’ll probably see more investment from the ownership group into the asset itself,” he said.
Burge described the building as “a challenged asset,” which he attributed in part to years-long construction along the nearby 16th Street Mall.
Strive manages 10 coworking locations in Texas, as well as one each in Florida, Massachusetts and Michigan, according to its website. While some are branded Strive, the company also manages spaces under the CityCentral and Venture X names.
Ted Van Brunt, chief investment officer at RRA Capital, told BusinessDen Friday that he liked that Burge operates a “smaller shop.”
“I am hopeful he’s going to give the property a lot of attention,” he said.
RRA’s bridge loan back in 2022 was a bet that the property’s performance would improve coming out of the pandemic, Van Brunt said.
“It has a little, but barely … I’m hopeful that we’re going to know in the next year or so if this management change is meaningful,” he said.
RRA has a couple other Denver-area loans, including on an industrial property north of downtown and a Greenwood Village office building that is being converted to a Montessori school, Van Brunt said.
Expansive, meanwhile, still operates locations in Greenwood Village and Boulder. The company no longer operates at Trinity Place, the building at 1801 Broadway in downtown Denver. The company’s lender there has initiated foreclosure proceedings. Expansive’s Boulder building is being overseen by a receiver after the company defaulted on its loan there.
The office building at 1630 Welton St. has been given back to its lender. (BusinessDen file)
The coworking business within a downtown Denver building that was given back to its lender this summer is poised to get new management.
Dallas-based Strive Workspaces will take over management of the coworking operation at 1630 Welton St. on Oct. 13, Strive President Mark Burge told BusinessDen last week.
The business is currently home to Chicago-based Expansive, which bought the building in 2017. The company refinanced the property in September 2022 with a $12.3 million loan from RRA Capital, but later defaulted.
Expansive gave its lender ownership of the building at the start of July, although the company has continued to manage the space on behalf of RRA, and will do so until Strive takes over next month.
Mark Burge
Burge said he founded Strive and its sister company, Flex Workspace Solutions, a couple years ago after getting calls from existing coworking spaces looking to improve their operations — and from landlords and lenders with underutilized space.
Burge said RRA contacted his company to take over at the 10-story 1630 Welton St. building, which is 115,000 square feet. The company has a 12-month agreement that can be renewed and will be paid a management fee.
“They loved the flex workspace concept and wanted to keep it in the building — they just wanted a fresh go around,” he said.
The space will be rebranded Strive Denver. He said existing tenants will get to keep their current pricing, although the company may adjust pricing for new customers, particularly if and when the building’s owner undertakes improvements.
“They’ll probably see more investment from the ownership group into the asset itself,” he said.
Burge described the building as “a challenged asset,” which he attributed in part to years-long construction along the nearby 16th Street Mall.
Strive manages 10 coworking locations in Texas, as well as one each in Florida, Massachusetts and Michigan, according to its website. While some are branded Strive, the company also manages spaces under the CityCentral and Venture X names.
Ted Van Brunt, chief investment officer at RRA Capital, told BusinessDen Friday that he liked that Burge operates a “smaller shop.”
“I am hopeful he’s going to give the property a lot of attention,” he said.
RRA’s bridge loan back in 2022 was a bet that the property’s performance would improve coming out of the pandemic, Van Brunt said.
“It has a little, but barely … I’m hopeful that we’re going to know in the next year or so if this management change is meaningful,” he said.
RRA has a couple other Denver-area loans, including on an industrial property north of downtown and a Greenwood Village office building that is being converted to a Montessori school, Van Brunt said.
Expansive, meanwhile, still operates locations in Greenwood Village and Boulder. The company no longer operates at Trinity Place, the building at 1801 Broadway in downtown Denver. The company’s lender there has initiated foreclosure proceedings. Expansive’s Boulder building is being overseen by a receiver after the company defaulted on its loan there.
