Kathy Briscoe, the fund's executive vice president and portfolio manager says the two four-story buildings were designed and built together in 1997 with similar architecture and landscaping, creating a campus environment. "We can manage the two together more efficiently…," she says.
The latest acquisition has 22,000-sf floor plates and is 100% leased. Tenants include Smith Barney, Comverse Technology, and Newmont USA. The building is set at an angle to the September acquisition, which was 86% leased at that time.
The buildings are located at the of Interstate 25 and Dry Creek Road, one mile from two light-rail stations and across the street from Vallagio, a new $200-million, 30-acre mixed-use residential and retail development being built on former business park land.
"The area is poised to continue to stabilize with declining vacancy rates as companies expand or relocate in southeast Denver," says Steve Nesterak, senior vice president, Lowe Enterprises Real Estate Group.As with the earlier acquisition within the park, Lowe Enterprises Real Estate Group will assume management of the building. Tim Swan, Ron Urgitus, and Mary Sullivan of CB Richard Ellis represented the seller in the transaction.
The adjacent buildings represent Lowe's second and third acquisitions in the Southeast Denver market this year. In May Lowe paid $21.5 million for 198 Inverness Dr. W., a 160,000-sf, eight story office building that abuts the Inverness Hotel & Conference Center that the company acquired in 1995. Lowe acquired the office building on behalf of an institutional client. Dex Media leases the entire building.
Other existing assets Lowe controls in Colorado include the Tuscany Plaza in Greenwood Village and the Vail Cascade Hotel. Propjects under development include Eastpark 70, a 110-acre warehouse and distribution center at Tower Road and I-70; Centerpark, a 540,000-sf distribution center at I-70 and Pecos; and will soon break ground on Macanta, a 2,000-acre residential and golf communityin Douglas County.
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