Inverness is a mature business park south of the Denver Technological Center in Denver's Southeast submarket.
Great Lakes had purchased the property in May 1998, with a lease of 173,000 sf that is due to expire in February, says Dick May, Great Lakes chairman and CEO. The lease is about half of the market-rate rents, he adds. Arapahoe County assesses the building at $20 million, show records examined by GlobeSt.com.
"We were happy to find a user to purchase the building at this time, thus eliminating a potential negative cash-flow situation," May says.
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