Colorado

GREENWOOD VILLAGE, COLO. — Private equity real estate firm KBS has sold Peakview Tower in Greenwood Village, about 12 miles southeast of Denver, for $66 million. The nine-story, 264,149-square-foot office tower is situated in Fiddler’s Green Circle, a suburban micro market that historically has had low office vacancy rates. JLL’s Mark Katz and Peter Merrion represented KBS in the sale. The buyer was a joint partnership led by Vanderbilt Office Properties. Peakview Tower, which KBS acquired in August 2012, features 27,600-square-foot floor plates, 9-foot ceilings, covered and attached parking, and a two-story lobby atrium. KBS recently completed additions to the asset built in 2001, including a fitness center and tenant lounge with barista-staffed coffee service. “In addition to top-tier onsite amenities, Peakview Tower offers access to amenities typically only found in urban locations, such as a food hall, Starbucks, grocery store, movie theater, over 200 hotels rooms, Denver’s light rail system, and a variety of shopping, dining and entertainment options — all within a five-minute walk from the building,” says Tim Helgeson, asset manager for Peakview Tower. “This optimal location gives the property a distinct advantage in the market and made it especially attractive to buyers.”

DENVER — TerraCap Management has purchased Denver Corporate Center I, formerly known as The Office at DTC, in Denver. Origin Investments and Hamilton-Titan Partners sold the asset for $31.1 million. Situated within the Denver Tech Center submarket, the 11-story building features 193,000 rentable square feet of Class A office space. The property was built in 1980. TerraCap acquired two sister buildings at this location in August 2019 for $71 million and holds the three buildings under one ownership. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE represented the sellers in the deal. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey of CBRE’s debt team. TerraCap hired JLL to handle leasing of the property and DPC as property manager.

GREENWOOD VILLAGE, COLO. — Viking Partners Management, on behalf of its fourth value-add fund, and Bancroft Capital have purchased Greenwood Corporate Plaza, a suburban office campus located at 5990 Greenwood Plaza in Greenwood Village. An undisclosed seller sold the asset for $38.4 million. Built in 1981 and renovated in 2015, Greenwood Corporate Plaza features four identical, three-story, Class B office buildings totaling 412,869 square feet on 36 acres. At the time of sale, the property was 57 percent occupied. The buyers plan to implement a capital improvement plan that will include replacing the roofs and HVAC systems; modernizing building entrances and exterior lighting; reforming the outdoor hardscape; and refreshing the elevators, bathrooms, lobbies and hallways.