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Vacant office building Hub North in Denver’s RiNo neighborhood sells for $40M

A RiNo office building completed last year that doesn’t have any tenants has a new owner.

Eagle Point Capital Partners said Thursday that it and Farallon Capital paid $40.5 million for The Hub North, the eight-story office building at 3660 Blake St.

The building is about 111,000 square feet, making the deal worth about $365 a square foot.

Eagle Point has offices in Los Angeles and Nashville and says it acquires and develops office properties in “high-growth, technology-anchored innovation markets.” Hub North is its first acquisition in .

The building has about 102,500 square feet of office space and about 8,500 square feet of ground-floor retail space, according to Eagle Point.

“There are currently no tenants in occupancy, however, we are engaged in multiple conversations with prospective retail and office tenants,” the company said in a statement. “We are encouraged by the interest we are receiving from the market, and are highly confident we will lease the building to a great mix of tenants.”

The building already has outdoor terraces, and Eagle Point co-founder Josh Hatfield said in a statement that the company is “planning on creating additional tenant-dedicated outdoor space for select floors” because “we know health and safety is a top priority as companies and their employees return to the office.”

Hub North was completed last year by Boston-based Beacon Capital Partners, which also developed the connected The Hub building at 3601 Walnut St. That building houses the headquarters of Angi (formerly Angie’s List and HomeAdvisor) and EverCommerce, both publicly traded firms. WeWork also had a location in the building, but closed it along with others earlier this year.

The second phase of the Hub project was originally slated to be a hotel, but Beacon decided in 2018 to build more office space instead.

JLL broker Jamie Roupp markets the building’s office space. Bryan Slaughter and Julie McBrearty of SullivanHayes market the retail space.

Beacon, a major landlord in Denver, declined to comment on the deal.

Beacon purchased the Circa office building at 1615 Platte St. for $60 million in June, and is planning to develop a 12-story office building at 3100 Brighton Blvd. with Denver-based Elevation Development Group, which was also a co-developer on The Hub.

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