Historic Office Property a “Contrarian Opportunity” in Downtown Denver

Kairos Investment Management Company (KIMC) has partnered with private real estate investment firm Harbor Associates to acquire The George, an eight-story historic office and retail property totaling 91,027 square feet, located at 820 16th Street in downtown Denver. A sale price was not disclosed.

“This joint venture acquisition aligns well with our contrarian approach, through which we invest in overlooked markets that have a demonstrated pattern of growth,” says Carl Chang, CEO and founder of Kairos. “In 2020, Denver was named one of the top moving destinations in the country and ranked among the top five US cities for inbound growth. As large financial institutions become more cautious with their underwriting, our seasoned investment team will continue to carefully research areas of opportunity like Denver where Kairos can partner with firms to acquire assets with value potential.”

The George is a property that synchronizes with Kairos’ value strategy, which makes value-based real estate investments in strong recovery and growth markets by selecting assets primed for capital and operational improvements. As part of this strategy, Kairos plans to add value to the property by leasing up office spec suites within the building and exploring the development of additional uses within the building, notes Jonathan Needell, CIO of Kairos.

“Many investors are being conservative about placing capital in sectors like office and retail that were hit hardest during the last two years,” says Needell. “Conversely, Kairos views these sectors as contrarian opportunities to acquire properties that are positioned to increase in value after the pandemic. The George benefits from its location, as the Denver metro area is consistently ranking as one of the top cities for startups in the US, offering a high-quality, active lifestyle and lower cost of living compared to markets like Chicago and New York.”

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* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.