For sale: office building, never used.
The Rev360 building in RiNo, which hassat unused since it was completedin July 2020, is for sale.
Rev360 is owned by San Francisco-based Shorenstein, which bought itin November 2021for $72 million.
CBRE is marketing the five-story building at 3600 Brighton Blvd. The firm’s marketing materials don’t list an asking price, but state that the building “can be acquired at an incredible discount to replacement cost.”
That indicates Shorenstein, which declined to comment, is prepared to lose money on the deal. Ed Haselden, who was part of Rev360’s development team,told BusinessDen last monththat the price Shorenstein paid in 2021 was “basically replacement cost,” or what it had cost to build the structure.
“We sold it for what we had in it,” Haselden said in July.
Shorenstein took a $67 million loan out on the building in January 2022, two months after buying it, according to publicly available loan documents, which do not clearly state the maturity date. The lender was Blackstone Mortgage Trust, which did not respond to a request for comment.
The building is 170,000 square feet, with retail space on the ground floor and office space above.
Most buildings downtown and in RiNo that have been completed since the pandemic still have some vacancy. But Rev360 is unique in that none of its space has ever been occupied. WeWork technically leased part of the building for a time, but terminated its lease before moving in.
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Originally Published: September 2, 2024 at 6:00 a.m.
