Portfolio

Investment Highlights

• After a failed auction process, broker approached SKB to purchase the asset; seller was highly motivated as this was the final asset in a fund liquidation, enabling SKB to acquire it substantially below original escrowed price
• Building consists of twenty stories of office space, above-market parking ratio with eight floors of parking, ground floor retail and exterior surface parking
• Asset has historic occupancy in the 90%+ range even when Denver occupancy was low during the “tech bust.” 1660 Lincoln also has easier access to freeways than most offices in the CBD and close proximity to the state capital and courthouse
• Encumbered by highly restrictive debt financing reducing potential pool of buyers, which SKB was able to solve due to its relationship with leading debt originator in the US
• Opportunity to increase occupancy from 69% through capital improvements and cosmetic upgrades, as well as bring parking rates to market
• Smaller floor plates well-suited to single users giving them full floor occupancy and identity
• Upgraded lobby and common area hallways, restrooms and elevator lobbies within budget
• Ahead of projected rental rate and lease-up schedule having increased occupancy to 75% in first seven months