Cress Capital Sells Denver-Area Office Building at Discount

The tallest office building in the Denver suburb Lakewood is under new ownership by two local commercial real estate groups.

Greenwood Village-based Dunton Commercial and Laminar Real Estate acquired Union Tower at 165 South Union Boulevard for nearly $17.3 million, the Denver Business Journal reported. Cress Capital sold the 205,800-square-foot property at a 32 percent discount from its 2017 sale price of nearly $25.3 million, the Denver Post reported.

The seller was Newport Beach, California-based Cress Capital.

The price amounts to $123 per square foot.

The 1982-built offices are 73 percent occupied. The buyers plan renovations to add amenities and launch spec suites in the 10-story building.

Denver’s office market is still recovering from the post-pandemic slump. Vacancy held at over 25 percent across the metro in the first quarter, according to Avison Young. In downtown, the rate is 34 percent.

Dunton’s history as a property management and brokerage business dates back to 1904. In 2018, Nate Melchior and Taylor Fenn bought the company, which has more than 5 million square feet under management and owns eight properties. Laminar was launched this year by Nate Bradley and Nate Schnabel with an initial office buy in the Denver Tech Center complex.

With the Union Tower acquisition, the buyers aimed to “take advantage of the flight to quality that has been happening over the last few years,” Melchior said. The purchase marks the first joint effort between Dunton and Laminar.

Cress Capital is not retreating from the Denver area with the Union Tower sale. In 2024, the firm acquired a $113 million loan tied to 410 17th Street, a 24-story office building in downtown Denver from Los Angeles-based Ares Management. And in April, Cress Capital acquired some offices in Denver Tech Center. The firm purchased the Corporate Center II and Corporate Center III buildings in the Denver office complex for $21.9 million and $14.3 million, respectively, according to the Business Journal.

— Chris Malone Méndez