Andy Klein has made another bet on downtown office space.
Westside Investment Partners, the firm that Klein founded, this week paid $7.2 million for the 12-story office building at 1490 Curtis St., known as The Link.
The building is 225,000 square feet, so the deal works out about $32 a square foot.
It was sold at a 68% discount compared with January 2019, when California-based Steelwave and Florida-based Rialto Capital paid $22.5 million for it.
But Steelwave and Rialto also spent millions to give a major facelift to the building, which was once owned by CenturyLink, the company now known as Lumen. Over the course of 2020, the two firms tore off the building’s facade and replaced it with glass, among other improvements.
Given the pandemic, the timing obviously wasn’t great. The Link has been largely empty for years. About 85% of the building is available, according to JLL, which has been marketing the building for lease.
While many of its office floors are empty, the building does have a coffee shop and wine bar on the ground floor.
Klein declined to comment on the purchase. Westside, which is based in Greenwood Village, has been the region’s biggest player when it comes to buying distressed office space on the cheap.
The Link is the company’s third downtown holding. Westside bought the 24-story Denver Club building at 518 17th St. in 2022 and the two-tower Lincoln Crossing complex at 1775 Sherman St. and 1776 Lincoln St. in April.
Westside has been doing office deals in the suburbs, with multiple buyers in both Centennial and Greenwood Village.
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