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Case Studies

Real estate investment case study: Belleview Tower asset management

Best-in-class execution beats proforma in this commercial real estate investment case study about a Class A office acquisition in Denver.

An asset suffering from traits common to the Great Recession proved to be a hidden opportunity

When Unico evaluated the purchase of Belleview Tower, a 200,323-square-foot Class-A office building located in the Denver Tech Center, the asset was suffering from traits common to the Great Recession: loan default, corporate bankruptcy, no capital to sustain tenancy, deferred maintenance, failing operations, and rapidly decreasing occupancy. The complexities surrounding a note purchase were heightened by the lender’s requirement of an extremely quick close. This quick-close requirement eliminated the potential for Unico to obtain first mortgage financing before it acquired the building. Unico also had to structure the transaction with a borrower in bankruptcy and a bank facing imminent insolvency.

Belleview Tower is a Class A building located in the Denver Tech Center submarket of Denver, CO.


Our acquisitions team works closely with our in-market personnel to pursue deals outside of the traditional channels of commodity offerings

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Belleview Tower lobby with marble and wood finishes.

Illustrating our proven capacity to work with multiple parties and achieve results, we led both lender and borrower to a fee simple sale. We took occupancy from 59% to 95% in just two years — well ahead of our 3½-year leasing pro forma. Our ability to work through the truncated and complex closing enabled us to access an investment which stabilized to a 10.2% cap rate.


More About Belleview Tower


 

Investment Highlights

  • 59% to 95% occupancy in two years
  • 10.2% capitalization rate

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Services Provided

  • Asset Management

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Unico Properties

1215 Fourth Avenue, Suite 600
Seattle, Washington 98161

(206) 628-5050

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