The class A office building was developed in 2001 and is currently 98.5% leased with little to no near-term rollover. The lead tenants in the building are Merrill Lynch and Hewlett Packard, which lease about 44% of the building. The seller was KBS Realty Advisors of Newport Beach, CA.
ParkRidge 4 sits on the west side of Interstate 25 and offers views of the Rocky Mountains. The asset was developed in 2001 by Patrinely Group LLC of Houston. Investors in the fund that now owns the asset include multiple international institutional investors.
Grosvenor Investment Management's managing director Kathleen Hands says the building will become even more convenient for commuters when Denver's high-speed rail system adds a stop within walking distance of the building later this year.
Legg Mason Real Estate Services Inc. was acquired by Grosvenor earlier this year. Based in Philadelphia and now called Grosvenor Investment Management, it now serves as Grosvenor's real estate investment management operation in North America. GIM is part of Grosvenor Fund Management, which was established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments. As of June 30, Grosvenor Fund Management (including GIM) had total funds under management of over $5.4 billion internationally on behalf of 50 third-party investors.
Grosvenor is a privately owned international property group, representing the interests of the Grosvenor family headed by the Duke of Westminster. Grosvenor manages or has interests in approximately $17.3 billion of real estate.
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