August 19, 2021 9:00 AM
Newmark announces the $82.75 million sale of 119,977-square-feet of office and retail space at 200 | 250 Columbine in the heart of Denver’s Cherry Creek North neighborhood. The purchase included 89,069 square feet of boutique office space across eight stories at 200 Columbine and 30,782 square feet of street-level retail at 250 Columbine. Newmark Vice Chairman John Jugl and his team represented developer and seller, Western Development Group, in the sale to the buyer, Crescent Real Estate LLC (Crescent). Crescent is purchasing the property through its GP Invitation Fund II, a Crescent-managed investment vehicle used to acquire, develop, and operate all real estate classes alongside institutional investors and high-net-worth clients.
“200 | 250 Columbine is a landmark Cherry Creek North property that has proven its resilience over the past 18 months through the signing of new office leases and strong recovery in retail, restaurant and parking to pre-COVID-19 revenues,” said Jugl. “The property’s design is a testament to Western Development’s vision of a mixed-use project that contributes to Cherry Creek North’s vitality. We’d like to thank Crescent Real Estate for their professionalism throughout the process as they displayed great perseverance on a complicated project during a period of uncertainty.”
The opportunity to acquire assets of scale is rare in a market as densely populated and built-out as Cherry Creek North, as almost all parcels of land in the Cherry Creek submarket have been developed or are already spoken for. Located at Columbine and 2nd Avenue, 200 | 250 Columbine offers scale in the urban node, as well as a prominent location within its built-out surroundings. The asset – situated among Cherry Creek North’s more than 50 restaurants and food establishments – is walkable to retailers, restaurants and coffee shops.
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion. Through the GP Invitation Fund I and the GP Invitation Fund II, the company acquires, develops, and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle leader, Canyon Ranch®. For more information, visit crescent.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.