Cordes & Company

Turnaround of commercial office building in downtown Golden

The property is a prominent office building located in the historic old town area of Golden, Colorado.  It includes about 80,000 square feet of Class A space on three floors. The building was owned by 25 tenants-in-common and managed by a third-party agent under a master lease.  When the master lease filed for bankruptcy in 2008, the property’s two largest tenants were ready to leave.  Cordes & Company was appointed receiver for the property.  We stabilized operations and negotiated lease amendments that retained the two largest tenants.  We executed renewal agreements with certain other tenants and found a new tenant for a vacant space.  We worked with an outside broker to market and sell the property.  There were a dozen offers for this prime space.  The building was purchased by a third party through a loan assumption of the CMBS debt in 2011.  The loan was subsequently transferred back to the lender’s servicing department.

Colorado
5299 DTC Boulevard
Suite 600
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
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