GREENWOOD VILLAGE, CO—Northstar Commercial Partners has purchased the 204,945 square foot South Quebec building in Denver's thriving Tech Center. The property was acquired for $16.15 million and is one of the largest office hubs in Colorado.
Northstar purchased the building as an attractive investment opportunity, as the main tenant CoBank will be vacating the building in March 2016 to occupy a new build-to-suit opportunity. Northstar intends to secure a future tenants at the property. The firm says it is a unique opportunity to secure larger space in a submarket where it is difficult to find availability.
"Our successful closing of 5500 South Quebec brings us all a good deal of excitement here at Northstar," said Brian Watson, founder & CEO.
"In the near future, we look forward to partnering with local community and business leaders to bring over 800 jobs to this location, which will create opportunity for the employees, local businesses, and the community at large. In sum, we are in the business of creating opportunity for others through quality work environments."
Colorado's largest bank, CoBank, is currently the building's main tenant, but has plans to vacate in early 2016 to transition into their new DTC headquarters. Waste Management, the disposal and recycling company, is the other large tenant in the building.
"We're enthusiastic to find a replacement tenant or tenants for CoBank, in approximately 180,000 square feet of office space. This will be one of the largest blocks of stand-alone contiguous office space in the market, at a lease rate that will be significantly below newly constructed buildings. In addition, this building has unimpeded Western views, and is within walking distance of the Landmark retail project." Watson noted.
Greenwood Village Mayor, Ron Rakowsky, emphasized the significance of the purchase: "Northstar's acquisition continues their benchmark status in the circle of notable commercial properties owners here."
"The leadership of Northstar's CEO Brian Watson in both commercial and charitable endeavors marks him as a true community leader," Rakowsky said.
Northstar Commercial Partners is a privately held commercial real estate investment company headquartered in Denver, that acquires and operates attractive commercial real estate opportunities throughout the nation and orchestrates all aspects of the investment from initial concept through to completion.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
