DENVER-New York City-based W. P. Carey Inc. has acquired a class A office building that will house one of tw telecom's support facilities. The lease term begins in early 2015.
According to W. P. Carey, which purchased the property for $40 million, the entire property will be leased to tw telecom. The property is currently leased on a short-term basis to multiple tenants.
The facility is located near tw telecom's corporate headquarters in the ParkRidge Corporate Center in Douglas County, CO. ParkRidge, which is easily accessible to downtown Denver, has recently attracted expanding or relocating companies, including Charles Schwab, Visa, Redwood Trust and Hitachi Data Systems.
TheParkRidge SixClass A facility of approximately 161,000 square feet will provide national support services for the company, according to W. P. Carey.
W. P. Carey managing director and co-head of global investments, Jason Fox, says “Given its strategic proximity to tw telecom's corporate headquarters, critical operational role and long-term lease with a credit rated tenant, the acquisition is consistent with our established investment parameters and is a solid, high quality addition to our portfolio.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
