I
nvestment firm Conscience Bay has recently acquired a 160,000-square-foot coworking building in Denver's River North Art District for $19 million. The purchase was overseen by Dallas-based Trigild, who was appointed as receiver by a court in December. The seller was New York-based Clarion Partners. The deal was made at an average of $119 per square foot.

    The acquisition comes after American General Life Insurance and American Home Insurance, both subsidiaries of American International Group (AIG), sued Clarion Partners in December 2018 for defaulting on two loans totaling $32 million. The loans were taken out in 2016, with American General Life loaning Clarion $20.32 million and American Home loaning Clarion $11.68 million. Both loans matured on November 1st but were not paid off, resulting in Clarion owing $28.67 million to its lenders.

    The two-story Industry Denver building was originally built in 1939 as a cold storage warehouse and later converted into a food market. It was later converted into coworking offices in 2013. The building houses over 20 companies, including Core Power Yoga, Snooze, and Will Call.

    Conscience Bay plans to rename the building Fabrica RiNo and will continue to lease offices to businesses and individual tenants ranging from 500 to 12,000 square feet. However, they will not offer traditional coworking spaces such as desk rentals or daily rates. The firm plans to upgrade the building's tech infrastructure and may add a restaurant or fitness center, according to Ben Woolf, director of commercial real estate investments at Conscience Bay.

    Conscience Bay, founded in 2011 by Eli Feldman, owns various types of properties across greater Denver, including office buildings, industrial properties, and working ranches.