Denver Office Tower Secures Construction Financing

DENVER—The joint venture of Patrinely Group and USAA Real Estate has secured construction financing for its Block 162 office tower currently under construction.

Holliday Fenoglio Fowler, LP, reports that the construction loan for the 595,039-square-foot Class AA speculative office tower being built in Denver’s central business district was provided through PCCP, LLC. No financial terms of the four-year construction loan were released.

Block 162 broke ground in June of 2018 and upon completion will be a core, 30-story office tower with 9,900 square feet of ground-level retail and parking in three below-grade and nine above-grade decks. The core and shell of the building is being constructed to meet LEED Gold certification, and it will be only the second office tower of 25-plus stories to be delivered in the last three decades in Denver’s CBD.

An amenity package will include an 11th floor sky terrace with social lounge, an activated outdoor fitness area in conjunction with a full-service indoor fitness center, bike storage and 2,800 square feet of conference and meeting space.

Block 162 will offer tenants super-efficient rectangular floor plates, floor-to-ceiling glass for maximum natural light, 10-plus foot ceiling heights, on-site security and panoramic views of the Front Range and downtown.

The 1.1-acre site is located on a corner lot at 675 15th St. in Denver’s Midtown West submarket. The property is within a short walk of Larimer Square, the 16th Street Pedestrian Mall, the Colorado Convention Center and the Denver Center for the Performing Arts. Additionally, the project will be served by an adjacent light rail stop at the 16th and California Street station providing connections to the rest of the CBD, LoDo and Union Station.

The HFF debt placement team that represented the borrower included director Leon McBroom and senior managing director Eric Tupler.