Class A office asset trades in Denver’s Southeast market
JLL Capital Markets led sales and financing efforts for 4600 S. Syracuse, which is positioned in one of Denver’s top performing submarkets
DENVER – Feb. 10, 2021 – JLL Capital Markets announced today that it has closed the sale and arranged acquisition financing for 4600 S. Syracuse, a 304,059-square-foot, Class A office tower in Denver, Colorado.
JLL represented the seller, MetLife Investment Management, and procured the buyer, a joint venture between Miller Global Properties, LLC and Principal Real Estate Investors. Additionally, JLL worked on behalf of the buyer to secure the acquisition loan through Mesa West Capital, LLC.
4600 S. Syracuse is located in the Southeast suburban office market, which is home to the majority of Denver’s Fortune 500 headquarters and comprises 32.4 million square feet of office space spread across several submarkets, including the Denver Technological Center. The Southeast market mirrors the larger Denver market with leading metrics in job growth, population growth and quality of life. Located at the nexus of Interstates 25 and 225 and just minutes from the Belleview light rail station, 4600 S. Syracuse has outstanding accessibility to the entire Denver Metro.
Completed in 1999 and renovated in 2013, 4600 S. Syracuse offers desirable features such as floor-to-ceiling windows offering panoramic mountain and downtown views, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. The 13-story building also features a 727-space parking garage, as well as additional development upside through excess land that could potentially host an office tower or multi-family development. The 90%-leased property is home to 19 tenants spread across eight industries.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Senior Managing Director Josh Simon.
“We saw exceptional interest in this trophy property from investors who all valued the high-quality construction and premier location of 4600 S. Syracuse,” Merrion added. “The new owners are going to improve upon this signature building with some exciting enhancements and we look forward to watching their success”.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers attractive solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Miller Global Properties
Miller Global is a fully integrated value-add real estate investment company specializing in the acquisition, development, redevelopment and ultimately, disposition of high quality, well located office and hotel properties throughout the United States. At Miller Global, the company leverages its real estate experience, expertise, and relationships to source and selectively acquire and develop investments that complement its institutional quality portfolio. For more, please visit: millerglobal.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $88.1 billion in commercial real estate assets (as of December 31, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.