Fully leased commercial property trades to Ivy Realty
DENVER, CO (JULY 11, 2023) – Leading real estate investment advisor EverWest Real Estate Investors (“EverWest”) has completed the sale of Junction 23, a creative redevelopment completed by the company in the heart of Denver’s River North (RiNo) District. The buyer is Connecticut-based Ivy Realty.
Junction 23 is located at 2323 Delgany St., at the corner of Park Avenue and Delgany Street, and within walking distance to Denver’s central business district, Lower Downtown (LoDo) neighborhood, Union Station and dozens of restaurants and retailers. The building is 100% leased to a single tenant for 15 years.
The project represents a 12-month renovation by EverWest that in 2019 converted a 1975-built industrial building into 86,127 square feet of award-winning creative workspace.
“Junction 23 underscores EverWest’s skill in acquiring, repositioning and leasing highly desirable projects that reflect the latest in modern workspace requirements,” said Larry Lance, EverWest Senior Managing Director, Head of Development. “It has been a pleasure to be a part of the creation of Junction 23, which offers such a dynamic downtown location and work environment for its long-term, full-building tenant.”
Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting. Additional on-site amenities include a fitness center with showers and locker rooms, and bike storage.
John Jugl of Newmark represented EverWest in the sale. The buyer was not represented.
The property is a short drive to I-25 and Denver International Airport. It is part of an emerging infill live-work-play environment spanning the downtown, RiNo and LoDo communities.
EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors (“EverWest”) is a real estate investment advisor providing investment management services throughout the U.S. including acquisitions, asset management, development and property management for our investors. With $5.2 billion in assets under management, EverWest clients invest through separately managed accounts and commingled funds. The firm is headquartered in Denver with regional offices in New York City, Charlotte, Los Angeles, San Francisco and Austin metro areas. EverWest is an affiliate of Sagard, a leading global alternative asset management platform within the Power Corporation of Canada ecosystem. For more information, visit www.everwest.com.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $3 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.