Denver Business Journal
Real Estate Reporter
DENVER--Two buildings near Parker Road and Iliff Street in Denver sold for $31 million last week to Bancroft Capital, a Manhattan Beach, California-based company.
Denver Highlands, at 10065 E. Harvard Ave., and One Denver Highlands, at 10375 E. Harvard Ave., encompass a combined 359,023 square feet of office space, said Geoff Baukol, senior vice president at CBRE Group Inc., which represented the seller, Boston-based Brookwood Financial, in the transaction.
Bancroft on Monday began renovations on the property, said Doug McDonald, founder of Bancroft Capital. Bancroft will spend about $11 million renovating the exterior of the properties, McDonald said.
The buildings are both about 90 percent leased, and all leasing activity will be halted until renovations are complete, which is expected in November 2015.
Bancroft also developed Peloton, a $175 million condominium project in Boulder, in 2005.