New Owner Swoops in to Save Downtown Denver’s The 410

landscape view of the central business district office buildings in Denver

landscape view of the central business district office buildings in Denver

Newport Beach, Calif.-based real estate investment firm Cress Capital recently announced that it had purchased a local skyline icon in downtown Denver. Driven by confidence in the Mile High office market, the firm partnered with locally based E2M Ventures to acquire the loan on the 24-story office building at 410 17th St. earlier this year. Cress subsequently negotiated ownership of the property through a deed-in-lieu of foreclosure with the previous owner.

The firm expects to accelerate its investments in office assets across the country. Cress Managing Partner Ryan Parkin commented on current investment conditions in the U.S. office market, which have been facilitated by rising interest rates and changes in office occupancy:

“This era will offer historic entry points to acquire quality assets that we believe will generate superior risk-adjusted returns,” Parkin said. “With hundreds of billions of dollars of loan maturities facing office owners, we expect to see significant deal flow and more opportunities like The 410.”

Street level view of the office tower at 410 17th Street in downtown Denver. Building viewed from the intersection of 17th Street and Tremont Place

Cress now owns the more than 430,000 square feet of class A downtown Denver office space at 410 17th Street. Property image courtesy of CommercialEdge.com

The 410 — an imposing office building that was originally constructed in the 1970s — incorporates more than 430,000 square feet of rentable class A Denver office space, along with some retail. It also features a detached, eight-story parking structure.

Most recently renovated in 2021, the central business district property has earned LEED Gold certification. Premium amenities at The 410 include a state-of-the-art fitness center; on-site conference and training facilities; an outdoor tenant lounge; and a Little Owl Coffee bar. Prospective tenants looking to lease office space in downtown Denver have a choice of nearly 35,000 square feet of meticulously crafted and thoughtfully designed spec suites that are ready for immediate occupancy.

Highly transit-oriented, the office building is located within less than half a mile of multiple mass transit stations. What’s more, The 410 is just a few blocks away from the Colorado State Capitol, which places it within convenient proximity of a wide array of neighborhood amenities and points of interest.

“With well-capitalized and stable ownership behind the project, The 410 will be at the top of its competitive set, offering tenants an unparallelled, hospitality-driven experience,” said Tom Parnell, managing partner at Cress. “We believe in the resurgence of downtown Denver and that The 410 will contribute to Denver’s ongoing economic growth.”

Street level view of the office tower at 410 17th Street in downtown Denver. Building viewed from the intersection of 17th Street and Glenarm Place in the SouthEast direction

Office space at The 410 in downtown Denver is LEED Gold certified. Property image courtesy of CommercialEdge.com

Looking to rent office space in Denver or similarly attractive markets? Select any of the locations linked below or visit the CommercialCafe.com home page to start your search!

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Mohr Signs Full-Building Tenant for Recovered Tornado-Stricken Warehouse in Indy Submarket

landscape view of the central business district of the Indianapolis metropolitan area

landscape view of the central business district of the Indianapolis metropolitan area

Dallas-based commercial real estate investment firm Mohr Capital recently announced that it had secured a new tenant for its industrial real estate development in Whiteland, Ind. The firm signed a lease with American multinational corporation Cummins Inc. for Building 6 of Mohr Logistics Park. This deal represents the fifth major lease signed by Mohr at the class A business park.

Located roughly 20 miles south of Indianapolis, Whiteland offers excellent access to the surrounding region and beyond through major thoroughfares such as Interstate 465, Interstate 65, and U.S. Route 31. Totaling 475 acres, the project is planned to eventually include more than 7 million square feet across 10 modern bulk industrial buildings.

Cummins’ lease at lot 6 of the Whiteland development incorporates more than 1 million square feet of prime suburban Indianapolis industrial space and places the company on the same roster as manufacturing company Goodyear; supply chain and logistics solutions provider NFI Industries; distribution services company Turn 14; and global shipping company DHL, all of which signed leases here during the past year.

“I’ve known since my early days growing up in Indianapolis that there are few brands stronger or more respected than Cummins,” said Mohr Capital Chairman and CEO, Bob Mohr. “Mohr Logistics Park is very proud to have Cummins bring one of their largest global facilities to Mohr Logistics Park. Many of Cummins’ employees and service providers will consider Mohr Logistics Park their home for many years to come.”

Building 6 is a class A, cross-dock warehouse and distribution facility that features 40-foot, clear-height, seven-inch-thick floors; ESFR fire sprinkler systems; 50-foot and 53-foot column spacing; and a 140-foot-deep truck court. Common area amenities shared with neighboring lots across the park include grade-level parking that offers more than 570 spaces.

In April 2023, an EF-3 tornado swept through Mohr Logistics Park and across Interstate 65 with wind speeds estimated between 136 and 165 miles per hour. Lot 6 — the largest of the buildings on site — was also the one to sustain the most damage as the tornado split through its middle and flung pieces of it across the interstate. Mohr had recently completed construction of the building, which was empty at the time of the unfortunate event.

Having made a full recovery of the site in the year since, Mohr is looking forward to a strongly positive future for its suburban Indianapolis industrial park.

“As the largest industrial park developed in the Indianapolis area in the last 15 years, Mohr Logistics Park provides exceptional interstate access, the consistency of a master-planned industrial park, and many other benefits you would expect from a Class A industrial park versus a one-off industrial site,” Bob Mohr added. “Mohr Capital welcomes Cummins to their new facility, and we trust this will be their long-term home for years to come.”

Are you looking for industrial or warehouse space for rent? Select any market from the list of locations linked below or visit the CommercialCafe.com home page to start your search!

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Mediplex Completes Redevelopment of Medical Office in Philadelphia Suburb

Broad aerial view of the King of Prussia suburban submarket of Philadelphia

Broad aerial view of the King of Prussia suburban submarket of Philadelphia

Pennsylvania-based Mediplex Property Group recently announced the completion of its redevelopment work at 880 Swedesford Road in King of Prussia, Pa. The project, which started in May 2022, successfully repurposed a two-story former office building into a state-of-the-art outpatient health care facility.

The medical center incorporates nearly 16,000 square feet of suburban Philadelphia office space and includes highly specialized laboratory spaces, ambulatory surgical suites, and clinical offices.

Located directly across from the King of Prussia Town Center, the site offers prominent highway frontage at the convergence of Route 202, Route 422, Interstate 76, and the Pennsylvania Turnpike.

Conveniently located near a major mixed-use retail and residential complex, the site was an attractive choice for an affiliate of IVI-RMA Global: International health care provider RMA Reproductive Medicine Associates pre-leased the property in its entirety. Estimated to have a significant influence on the local health care landscape, this development not only revitalizes underutilized local structures, but also brings specialized medical services closer to the community in the form of outpatient care, which is more efficient, more convenient, and less costly for patients.

The adaptive reuse project saw a total interior and exterior renovation of the property to suit the highly specialized needs of the incoming tenant. Project partners included Linn Architects of Media, Pa., for design, as well as Axis Construction Management of King of Prussia, Pa., for construction.

According to the April 2024 national office report published by CommercialEdge, Philadelphia office space was among the most affordable in the Northeastern U.S. region at the close of Q1 2024. Specifically, the average full-service equivalent listing rate here was $31.85 per square foot in March, which was below the national average of $37.74 per square foot.

Office space under construction and in the planned stages here at the close of Q1 represented nearly 5% of existing stock. Meanwhile, office transactions closed since the start of the year added up to nearly $60 million and averaged a sale price of roughly $94 per square foot.

Looking for R&D or medical office space for rent opportunities in Philadelphia or other popular markets? Select any of the locations linked below or visit the CommercialCafe.com home page to start your search!

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New Uptown Dallas Office Tower Secures Construction Financing

aerial view of uptown dallas office space buildings with facades gleaming in the sunlight

aerial view of uptown dallas office space buildings with facades gleaming in the sunlight

JLL recently announced that a JLL Capital Markets Debt Advisory team had arranged a construction loan totaling $290 million on behalf of Pacific Elm Properties. The developer is working on a class AA office tower dubbed Parkside Uptown, which will be located in uptown Dallas.

The JLL team that led financing efforts for the project included Executive Managing Director, Trey Morsbach; Senior Managing Directors Jim Curtin and Michael Cosby; and Managing Director Greg Napper.

The four-year, floating-rate loan was sourced from the Real Estate group within Goldman Sachs Alternatives.

Located on the corner of Harwood Street and Woodall Rogers Freeway in the Uptown Oak Lawn submarket, the property is slated to rise nearly 30 stories — including ground-floor retail and multiple levels of parking — and incorporate more than 500,000 square feet. Nearly half of this new trophy Dallas office space was pre-leased by the Bank of America at the time of the loan closing.

With completion estimated for the first half of 2027, the property design features amenities including a sky lobby and lounge; outdoor tenant terraces; fitness facilities; and roughly 8,000 square feet of ground-floor retail space.

The Parkside Uptown site is adjacent to the 5.2-acre Klyde Warren Park, which is an important local focal point that connects uptown and downtown Dallas.

Formed and managed by Woods Capital, the Pacific Elm Properties team boasts more than three decades of experience in the real estate market and has more than $6 billion worth of acquisitions and developments under its belt. The firm’s portfolio primarily includes mixed-use properties in Dallas and Raleigh, N.C., such as the Field Street District in downtown Dallas; Ivy Park in the Knox District in Dallas; and the new PNC Arena district in Raleigh.

According to the April 2024 national office report published by CommercialEdge, average full-service equivalent listing rates in Dallas increased more than 2% since the close of Q1 2023 to rest at roughly $29 per square foot in March of this year.

The Dallas office market also wrapped up the first quarter of 2024 with more than 5 million square feet of new office space in development, which marked the third-largest pipeline among markets tracked by CommercialEdge, following only Boston and San Francisco.

Finally, Dallas office space also came in third in terms of sales with transactions here totaling $257 million since the start of the year. For comparison, Bay Area office sales closed during the same time period added up to roughly $404 million. Meanwhile, Washington, D.C. took first place with nearly $1 billion in office assets trading hands in Q1.

Looking for office space for rent in Dallas, Fort Worth, or other hot markets? Select any of the locations linked below or visit the CommercialCafe.com homepage to start your search.

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Best Spots to Work Remotely in Seattle

coworking

coworking

Seattle’s evolving work culture reflects a shift toward more flexible work environments, blending its rich history with modern amenities to create perfect spots for remote work. From vintage coffee houses with a touch of the Jazz Age to sleek, modern coworking spaces, Seattle offers a variety of atmospheres to enhance productivity and creativity.

Whether you’re looking for a cozy corner for focused tasks, a lively venue for collaboration, or simply a change of scenery, Seattle’s diverse selection of workspaces caters to all preferences, thereby ensuring that every remote worker finds their ideal setting.

Sabine Café

 

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Sabine Cafe in Seattle — a community-centric cafe, bar and bakery located on Ballard Avenue — provides a unique blend of Mediterranean-inspired dishes and vibrant espresso drinks. Since its opening in 2020, Sabine has become a favorite for both locals and visitors. Plus, the cafe sources local, organic ingredients whenever possible, further adding to the quality and freshness of its offerings.

Notably, Sabine operates as a counter-service cafe during the day, making it easy for remote workers to pop in for a coffee and stay for a few hours of productive work. The space also transforms into a full-service dining experience in the evenings from Tuesday through Saturday, complete with a happy hour that adds a social touch to the workday wind-down.

Location: 5307 Ballard Ave. NW, Seattle, WA 98107

Hours: Sunday & Monday: 8 a.m. to 3 p.m.  | Tuesday through Thursday: 8 a.m. to 10 p.m.  | Friday & Saturday: 8 a.m. to midnight  | Happy Hour: 4 to 6 p.m. (Tuesday through Saturday)

The Cloud Room

 

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The Cloud Room offers a range of coworking options suitable for freelancers, entrepreneurs and businesses at various stages of development. Specifically, the workspace is known for its stunning, light-filled interiors that provide both communal and private spaces to work and interact. Features include stylish desks, meeting rooms and a lounge area with a west-facing deck that overlooks the vibrant streets of Capitol Hill.

Otherwise, for those who need a private space for meetings or brainstorming sessions, The Cloud Room provides well-equipped conference rooms that can be booked by both members and non-members. Amenities include videoconferencing facilities and whiteboards.

Adding to its charm is The Cloud Room Bar, which is open to members and their guests from Monday through Friday. It’s a perfect spot to unwind or network after hours, offering craft cocktails, as well as a selection of wines and beers in an inviting atmosphere with a sun deck and cozy nooks​.

Location:  1424 11th Ave., Suite 400, Seattle, WA, 98122

Hours: Monday through Friday: 4 to 8 p.m.  | Happy Hour: 4 to 5 p.m.

Oddfellows Café + Bar

 

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In the heart of Seattle’s vibrant Pike/Pine corridor, Oddfellows Café + Bar stands out as a quintessential spot for remote workers looking for an all-day venue that seamlessly transitions from a coffee shop to a lively bar.

The spot offers a simple, fresh menu inspired by New American cuisine, serving everything from morning coffee to evening cocktails. Known for its welcoming, laidback vibe, it’s often described as the neighborhood’s living room, making it a perfect place for both productive mornings and relaxed afternoons.

Whether you’re planning to catch up on emails over breakfast or meet a client for lunch, Oddfellows provides a comfortable setting. Plus, its menu changes throughout the day to cater to different tastes and needs, from hearty breakfasts to satisfying dinners​.

Moreover, the bar at Oddfellows is a great spot to unwind after a day’s work as it offers a range of cocktails and other beverages in a cozy atmosphere. As such, it’s an ideal setting for casual meetings or simply to relax and enjoy a drink.

Location:  1525 10th Ave., Seattle, WA 98122

Hours: Monday & Tuesday: 9 a.m. to 3:30 p.m.  | Wednesday through Sunday: 9 a.m. to 9 p.m.

Lost Lake Cafe & Lounge

 

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Lost Lake Cafe & Lounge is an ideal spot for those seeking a venue that combines comfort food with a cozy workspace atmosphere that’s open around the clock in Seattle’s Capitol Hill. Famous for its hearty American comfort food and retro diner vibe, Lost Lake Cafe offers a welcoming environment that’s perfect for remote workers at any hour.

Whether you’re looking for an early morning start with breakfast or a late-night work session fueled by dinner and drinks, this cafe adjusts to your schedule due to its 24/7 operation.

To that end, the menu includes a wide variety of options from breakfast classics to lunch and dinner favorites, along with unique monthly specials, like Meaty Baked Ziti or Cuban Sandwiches. The beverage selection is equally diverse, featuring everything from coffee to crafted cocktails and local beers​.

Lost Lake also hosts happy hours in the morning and evening, making it a great spot to enjoy discounted drinks if you need a break from your work​. Plus, the atmosphere is tailored to provide a productive, yet relaxed setting, reflecting the lively spirit of Capitol Hill.

Location: 1505 10th Ave., Seattle, WA 98122

Hours: 24 hours a day, 7 days a week  | Happy Hours: Morning (7 to 8 a.m.), Afternoon (3 to 6 p.m.)

Bang Bang Cafe (Belltown)

 

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Bang Bang Cafe is a vibrant spot that captures the essence of New Mexican cuisine, making it a delightful place for remote workers who enjoy unique flavors and a warm atmosphere. Owned by sisters Yuki and Miki Sodos, Bang Bang Cafe offers a menu rich with Hatch chiles and dishes that reflect their New Mexican heritage, providing a culinary experience that’s both comforting and distinctive.

The cafe is renowned for its welcoming environment and an eclectic menu that caters to a variety of tastes, including vegan options. Whether you’re in the mood for a hearty breakfast to kickstart your workday or a satisfying lunch to keep you going, Bang Bang has you covered with items like the Big Bomba Torta Sandwich or the Bang Bang Burrito, both of which feature the beloved Hatch chile.

Bang Bang Cafe also boasts a full espresso bar with unique offerings like the Horchata Latte, which is perfect for those who need a caffeine boost while tackling their tasks. Meanwhile, the bakery section offers an array of treats from scones to specialty cakes that are ideal for a sweet break during a busy day.

Moreover, the ambiance at Bang Bang Cafe is lively, yet comfortable, making it an excellent spot for both collaborative meetings and solo work sessions. And, the interior is adorned with decor that nods to their cultural roots, creating a space that’s not just about food, but also about community and heritage.

Location: 2460 Western Ave., Seattle, WA 98121

Hours: Monday through Saturday: 9 a.m. to 5 p.m.  | Sunday: 9 a.m. to 3 p.m.

The Pioneer Collective

 

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The Pioneer Collective stands out as a premier coworking space in Seattle by offering a variety of flexible membership options to accommodate different work styles and needs. With locations in Seattle’s Ballard and Belltown neighborhoods, as well as downtown Tacoma, this locally owned, independent coworking space provides an inspiring environment for freelancers, remote workers and teams.

However, The Pioneer Collective is more than just a workspace. Rather, it’s a community designed to foster creativity and collaboration. For instance, the space offers a range of coworking options from hot desks accessible on a part-time basis to private offices and dedicated desks available 24/7. In any case, each option is tailored to provide the resources and environment necessary to maximize productivity and encourage professional growth.

Members of The Pioneer Collective benefit from a host of amenities, including high-speed internet, access to meeting rooms with modern conferencing equipment, private phone booths and comfortable lounge areas. The workspace is also intentionally designed to balance aesthetic appeal with functionality, thereby ensuring a conducive environment for deep focus and innovative thinking.

Locations: Ballard: 5101 14th Ave. NW, Suite 201, Seattle, WA 98103  | Belltown: 92 Lenora St., Seattle, WA 98121

Hours: 24 hours a day, 7 days a week

Ugly Mug Cafe & Coffee Roasters

 

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Nestled in Seattle’s vibrant University District, Ugly Mug Cafe & Coffee Roasters is a cherished locale that offers more than just a coffee fix. That’s because it’s a space that intertwines a passion for quality coffee with a cozy, welcoming atmosphere, making it a fantastic choice for remote workers and coffee enthusiasts alike.

As such, Ugly Mug Cafe stands out for its commitment to quality and hospitality. Notably, the cafe roasts its own coffee to ensure each batch meets high standards of flavor and freshness. The focus here is on achieving the perfect balance in the roast to enhance the natural flavors of the coffee beans.

The menu at Ugly Mug Cafe features an assortment of breakfast and lunch options, including their popular Croissant Egg Sandwich and Smoked Salmon Bagel, making it a great spot for a morning start or a midday break. The cafe also offers a variety of seating options conducive to both quick meetings and longer work sessions.

Founded in 1995, Ugly Mug Cafe has deep roots in the community. Throughout the years, it has become a local staple, known for its inviting ambience and friendly service. While the current owners have infused their personal touch into the café, they’ve still maintained the beloved charm and quality that customers have come to expect.

Location: 1309 NE 43rd St., Seattle, WA 98105

Hours: 8 a.m. to 5 p.m. daily

Coyle’s Bakeshop

 

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For those who appreciate a delightful bakery atmosphere while working, Coyle’s Bakeshop in Seattle offers a unique setting. Known for its traditional pastry techniques and dynamic menus, this spot is perfect for anyone seeking a cozy place to work with the bonus of delicious treats.

Founded by Rachael Coyle, who brought more than a decade of experience as a pastry chef and culinary instructor, Coyle’s Bakeshop began as a pop-up in 2013 and established its permanent location in 2015. The bakeshop prides itself on handcrafted pastries, cakes, and savories, drawing on French, English and American baking traditions to provide seasonal offerings that capture the best of each season.

The bakeshop’s menu features a variety of pastries, such as croissants, scones, and quiches that are made with local ingredients and traditional methods. Or, for those looking for a savory option, the lunch menu includes sandwiches created with house-made focaccia that’s available daily starting at 11 a.m.

However, Coyle’s is not just a bakeshop, but also a community hub in the Greenwood neighborhood, making it a warm and inviting place for remote work. Overall, with its artisan approach to baking and a comfortable atmosphere, it’s a prime spot for creativity and productivity.

Location: 8300 Greenwood Ave. N., Seattle, WA 98103

Hours: Wednesday through Sunday: 7 a.m. to 3 p.m.  | (Closed Monday and Tuesday)

Victrola Coffee Roasters

 

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Victrola Coffee Roasters embodies the lively spirit of the 1920s jazz era, offering a dynamic environment that’s perfect for both coffee-lovers and remote workers in Seattle. Since its inception in 2000, Victrola has been a pioneer in sourcing, roasting and preparing exquisite coffees. And, with its roastery and showcase café located just off downtown at the base of Capitol Hill, it’s an ideal spot for experiencing the art of coffee.

Location: 310 E. Pike St., Seattle, WA 98122

Hours: 7 a.m. to 7 p.m. daily

Coffeeholic House

 

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Coffeeholic House is a celebrated spot that brings the unique flavors of Vietnamese coffee culture to the forefront. Established by the passionate duo Chen and Trang, Coffeeholic House merges traditional coffee experiences with modern café comforts to create an ideal environment for both coffee-lovers and remote workers.

Furthermore, each Coffeeholic House location offers a warm, inviting space that’s perfect for enjoying a rich cup of Vietnamese coffee while tackling the day’s tasks. Additionally, their dedication to quality and community makes each visit a delightful experience.

Locations:

  • Columbia City: 3700 S. Hudson St., Seattle, WA 98118
  • Greenwood: 8525 Greenwood Ave. N., Seattle, WA 98103
  • Bellevue: 10000 Main St., Suite 103, Bellevue, WA 98004

Hours:

  • Columbia City: 7 a.m. to 5 p.m. daily
  • Greenwood: 8 a.m. to 5 p.m. daily
  • Bellevue: 8 a.m. to 5 p.m. daily

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