Denver-based Chotin Properties, LLC, paid $2.4 million for the two-story office building in the heart of the Denver Tech Center at 5675 DTC Boulevard in Greenwood Village. Chotin Properties is an affiliate of The Chotin Group Corp.
Chotin will occupy approximately10,000 square feet of the 41,800-square-foot building, relocating from its current Plaza Tower One office late next year.
The company plans extensive renovations to the property, including new lighting, HVAC, common area upgrades, landscaping and a new lobby/atrium. Once renovations are complete, 5675 DTC Boulevard will be a high quality Class A office property with 82 covered parking spaces.
Tom Lee, executive managing director, and Dann Burke, senior director, of Newmark Knight Frank Frederick Ross represented Chotin in the transaction, and are the new leasing agents for the property. Chotin has engaged Newmark Knight Frank Frederick Ross to serve as the on-site property manager for this building.
“This is a significant opportunity to upgrade an extremely well-located 1980’s-era DTC office building to today’s Class A building standards,” said Lee. Both Lee and Burke agreed that upgrades will vastly enhance the value of the property, creating a high-quality asset for Chotin.
The prime location at the intersection of DTC Boulevard and DTC Parkway was a significant factor in Chotin’s selection of the property, according to Lee and Burke. Other features that attracted Chotin include the structure and size of the property, the ability to renovate prior to moving in next year, and the opportunity to design its own office space to better meet its needs.
Chotin Properties, LLC , an an affiliate of The Chotin Group Corp., was established to hold the family’s commercial real estate assets. Founded in 1984, The Chotin Group is a private Denver-based company that has extensive experience in analyzing, acquiring and managing portfolios of structured products, primarily backed by residential mortgage assets. Additionally, the firm holds large portfolios of agency and private-label REMIC and other residual interests, as well as portfolios of distressed assets. For more information, see www.chotin.com.
Newmark Knight Frank joined forces last year with Frederick Ross Co., the largest privately held commercial real estate office in Denver. Newmark Knight Frank Frederick Ross has invested more than a century building the region’s largest full-service, independent commercial real estate organization. With a solid reputation for superior knowledge and proven results, Newmark Knight Frank Frederick Ross services include leasing advisory, investment sales, property management, consulting, development, marketing and research. To learn more about the company, please visit www.newmarkkffr.com
Contact John Rebchook at JRCHOOK@gmail.com