Buchanan Street JV Gains 192,000-SF Office Asset

LONE TREE, CO-In a play to expand its Denver portfolio, Buchanan Street Partners has entered into a joint venture with Lowe Enterprises to acquire Parkridge 4, a 192,800-square-foot, six-story, class-A office building here from Denver-based Miller Global Properties LLC for what industry sources say is $34 million. Built in 2001 and located at 10375 Park Meadows Dr., Parkridge is 93% leased by high-credit companies such as CNA Insurance, Merrill Lynch, UBS, Nestle, Ameriprise and the Department of Defense.

“Parkridge 4 is the highest-quality office building in the emerging submarket of Lone Tree and is especially attractive given the outstanding credit of its tenancy and the project’s limited near-term lease expirations,” said Tim Ballard, president of BSP, in a prepared statement. “The property’s strong rent roll, excellent location and physical quality allowed it be accretively financed, further enhancing Buchanan’s expected investment returns.”