12/1/20 – Global Pacific Acquires the Iconic Paper Building in LoDo
The Paper Building – 1625 Wazee Street
Denver, CO., December 1, 2020/Press Release/ — Global Pacific Properties is pleased to announce its most recent acquisition: the historic Paper Building located at 1625 Wazee in Denver, Colorado.
Global Pacific acquired the Paper Building on December 1st for $14,750,000. The seller, Some Place On Wazee, LLC, had owned the building since 2004, having acquired the property as an investment.
The Paper Building is located in Lower Downtown (LoDo), in the heart of one of the most desirable neighborhoods in Denver’s urban core. The four-story brick and timber building contains approximately 49,316 square feet and is currently 100% leased to Inspirato.
“This acquisition is well-aligned with our investment strategy to target core, infill properties that have high barriers to entry and are highly sought after by tenants. With historic lease expirations occurring next year, there will be a great deal of indecision as tenants evaluate their near-term and long-term space needs. The Paper Building will be a great option for tenants who are targeting lower-rise buildings, term flexibility, and an irreplaceable location one block from Denver Union Station” explains Dave Lederhos, Vice President of Global Pacific Properties.
About Global Pacific
Global Pacific acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office, industrial, flex warehouse, retail and multi-family buildings primarily in the Denver, Colorado area. For more than 30 years, the company has operated a vertically-integrated real estate platform to provide comprehensive solutions to maximize return on investment for its ownership. Additional information is available at www.gpproperties.com.