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Littleton Office Building Trades for About $40M

DENVER-Grosvenor Investment Management US Inc. of Philadelphia acquires the 192,359-sf ParkRidge 4 office building in Littleton on behalf of an open-ended commingled fund.

By Brian K. Miller | Updated on September 18, 2006

DENVER-The 192,359-sf ParkRidge office building in the Denver suburb of Littleton has changed hands for about $40 million, according to industry sources. The new owner is a global, open-ended, commingled fund of Grosvenor Investment Management US Inc., formerly Legg Mason Real Estate Services Inc.

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.

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