Riverside and Convexity Form Venture with Canyon Partners to Develop 30-Story Office Tower in Downtown Denver; Secure Construction Loan from Bank OZK

Rhea-AI Summary

Riverside Investment & Development and Convexity Properties have partnered with Canyon Partners Real Estate to develop the 30-story office tower, 1900 Lawrence, in Denver. Canyon has invested $80 million in preferred equity alongside a senior construction loan from Bank OZK. Construction is set to start in March 2022, aiming for completion in early 2024. The project will feature over 700,000 square feet of office space and 10,000 square feet of retail, designed with advanced technology and sustainability in mind, including features that prioritize tenant wellness.

Positive

• Canyon's investment of $80 million reflects confidence in the project.
• Construction expected to start in March 2022, indicating progress and commitment.
• The project aims to become a premier office building in Denver, appealing to top-tier tenants.
• Strong local economic indicators with over $4 billion in private investment in the area since 2010.

Negative

• None.

DENVER, Dec. 20, 2021 /PRNewswire/ -- Riverside Investment & Development Company ("Riverside") and Convexity Properties ("Convexity") today announce their partnership with Canyon Partners Real Estate LLC ("Canyon") in the development of 1900 Lawrence, a 30-story, Class A office tower located in Denver's West CBD submarket, one of the city's fastest-growing mixed-use neighborhoods. Canyon made an $80 million preferred equity investment in the development concurrent with the closing of a senior construction loan from Bank OZK. Construction is expected to begin in March 2022, with completion scheduled for early 2024.

Designed by renowned architect Goettsch Partners, 1900 Lawrence will offer state-of-the-art office space, featuring expansive ceiling heights and highly efficient rectilinear floorplates with floor-to-ceiling glass, as well as multiple floors with private tenant terraces with views of the Front Range, Coors Field and Skyline Park. Best-in-class amenities will include a leading-edge fitness center, multi-use conference facilities and a tenant lounge with direct access to a landscaped outdoor terrace. Designed with the latest technology, sustainability, and health and wellness standards in mind, 1900 Lawrence will include hospital-grade ventilation systems, touchless elevator and access control, and will seek LEED, WELL and WiredScore certifications.

"1900 Lawrence will be the premier office building in Denver upon completion," said Anthony Scacco, Chief Operating Officer at Riverside. "The local economy continues to benefit from corporate relocations and dynamic population growth, and our location is tailor-made for a best-in-class office environment that prioritizes occupant wellness, technology and unparalleled amenities. We look forward to delivering workspace that matches the demands of top-tier talent within the Denver business community."

Leasing of the project will be managed by Jamie Roupp from JLL who added, "Now, more than ever, the office leasing decision revolves around what will compel employees to come back to the office. And when they do, what is required to sustain a productive and fulfilled workforce?  1900 Lawrence is designed with those questions in mind. Tenants in Denver, existing and new to market, are gravitating to the quality and location of this asset."

The project, totaling over 700,000 square feet of office space and 10,000 square feet of retail space, is located within a five-block radius that has attracted over $4 billion in private investment since 2010. With a Walk Score of 96, Transit Score of 98 and Bike Score of 95, 1900 Lawrence is within easy walking distance to numerous dining, retail and entertainment amenities and will enjoy excellent accessibility, including direct access to I-25. For more information, visit www.1900lawrence.com. 

About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $27 billion in assets under management. With 30 years of experience, Canyon has established a broad menu of real estate investment capabilities spanning debt, value add, and opportunistic strategies across property types, U.S. regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com

About Riverside Investment & Development Company
Riverside Investment and Development Company is a multi-faceted real estate firm based out of Chicago. Riverside pursues opportunities of significant complexity and scale, seeking to deliver dynamic mixed-use spaces in urban settings. The Company collaborates via its established industry relationships to execute visionary and progressive development and redevelopment opportunities, attracting high quality tenants and residents. It approaches real estate transactions with the fundamental goal of exceeding the highest standards of quality in the market. Its projects are designed to significantly enhance each user's personal and/or professional life, prioritizing efficiency, amenities, functionality and technology. Riverside is one of the most active developers in the country. Recent projects include award winning 110 North Wacker, a 55-story, 1.5 million square foot tower in Chicago.  For more information visit www.RiversideID.com.

About Convexity Properties
Convexity Properties is a fully integrated real estate investment firm known for its development of unique retail, residential, commercial and mixed-use properties throughout the United States. Operating as part of diversified trading firm DRW, Convexity Properties has a track record of investing in historic properties, reimagining them to add value and create new purpose. Convexity Properties engages in a number of value-add and ground-up developments, working with local development, design and architecture firms to deliver high-quality projects that reflect the spirit of the community. For more information visit www.convexityproperties.com.

About Bank OZK
Bank OZK (NASDAQ:OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations through 248 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $26.1 billion in total assets as of September 30, 2021. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. NMLS #464037. Member FDIC.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For more information visit www.jll.com.

Media contacts:

Canyon Partners
Kris Cole
Prosek Partners
310.614.9208
Pro-canyon@prosek.com 

Riverside Investment & Development Company
Beth Atkinson
BA Communications
312.508.9044
beth@bacommllc.com 

Bank OZK
Candace Graham
EVP, Director of Corporate Communication
501.320.4165
Candace.graham@ozk.com 

 

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SOURCE Canyon Partners LLC

FAQ

What is the significance of the partnership between Riverside and Canyon Partners for the office tower project?

The partnership indicates substantial investment and collaboration to develop the 1900 Lawrence office tower, enhancing Denver's real estate landscape.

When is the construction of the 1900 Lawrence office tower scheduled to begin?

Construction is set to start in March 2022.

What features will the 1900 Lawrence office tower include?

The tower will feature advanced technology, sustainability practices, and amenities designed for tenant wellness.

How much did Canyon Partners invest in the 1900 Lawrence project?

Canyon Partners made an $80 million preferred equity investment in the project.

What is the expected completion date for the 1900 Lawrence office tower?

The project is expected to be completed in early 2024.