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Crown West Adds Glendale Office to Portfolio

DENVER-The Spokane, WA-based real estate arm of New York City-based Petrus Partners Ltd., pays $17.4 million for an 11-story office building in Glendale, a southeast suburb of Denver.

By Brian K. Miller | Updated on August 24, 2007

DENVER-Crown West Realty LLC has acquired One Cherry Center, an 11-story office building in the Glendale submarket here for $17.4 million. The Spokane, WA-based real estate arm of New York City-based Petrus Partners Ltd. Acquired the 155,717-sf asset from CMD Realty Investment Fund III, fund of Chicago-based investment advisor CMD Realty.

Located at 501 South Cherry St., the property is 83% occupied, according to Crown West. The building’s major tenants today include The Colorado Health Foundation, The Denver Hospice, and W. E. Kieding Interior Architects.

Renovation plans include a cosmetic redesign of the plaza area, lobby and other common areas. Crown West is hoping the repositioned asset is attractive to tenants who are vacating the downtown submarket in search of high-quality, affordable space in a convenient, central location.

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