Bow River Capital’s (“Bow River”) 2015 Real Estate Fund sold Financial House, a Class A ±74,000 SF mixed-use office development located at 205 Detroit Street on Thursday of last week. The project sits on the NW corner of 2nd Avenue & Detroit Street in the Cherry Creek North submarket of Denver, Colorado. Cherry Creek North is home to over 600 businesses across the 16 walkable blocks, including 33 banks and finance firms. The sub-market is bounded by residential properties to the north, east and west, as well as the Cherry Creek Mall to the south. This has created a supply constrained market with a decreasing amount of land available for developments such Financial House. Everwest Real Estate Investors purchased the property for $55 million, which equates to $742 per square foot. Everwest is a real estate investment and operating company based in Denver, Colorado. Bow River partnered with BMC Investments to develop the project.
The eight-story building was 100% leased at the time of the sale. The project consists of +/- 69,000 square feet of office and +/- 5,000 square feet of retail with below ground parking. Tenants include WeWork, UBS Financial Services, Amazon Books (retail), BMC Investments, Oceanside Ten and Bow River.
About Bow River
Founded in 2003, Bow River is a private alternative asset management company based in Denver, Colorado, with Buyout, Real Estate, and Software Growth Equity platforms. The Bow River funds focus on the lower middle market across a geographic area referred to as Bow River Capital’s Rodeo Region®, which encompasses the Rocky Mountains and surrounding states. Collectively, Bow River has deployed capital into diverse industries, asset classes, and across the capital structure.