Joint venture purchases metro Denver trophy office tower
JLL Capital Markets led sales efforts for Central Park Tower, one of only a few Class AA office towers in the Denver metro
DENVER, CO – May 5, 2021 – JLL Capital Markets announced today that it closed the sale of Central Park Tower, a 297,262-square-foot, Class AA suburban office tower in the Denver metropolitan area community of Broomfield, Colorado.
JLL marketed the property and procured the buyer, a joint venture between Ascentris and Cypress Office Properties.
Completed in 2010, Central Park Tower is one of only a few true Class AA office towers in the Denver metro and is the highest quality building in the burgeoning Northwest market of Denver. The LEED® Gold property boasts features and amenities not found in nearby properties, including an underground executive parking garage, hospitality-inspired tenant lounge, on-site fitness center with club-style locker rooms, a building conference center, local coffee shop and café and outdoor seating on a furnished patio. Central Park Tower is 89% leased to eight tenants and anchored by Webroot, which is a leader in cybersecurity.
Located at 385 Interlocken, the trophy property sits on the western edge of Interlocken Business Park and boasts incredible views of the Boulder Flatirons and Rocky Mountains. This location is centrally positioned between Boulder and Denver providing area companies with access to a deep pool of tech and engineering talent, among other industries. Central Park Tower has visibility from U.S. 36, that has a daily traffic count of more than 100,000 vehicles and is located in an amenity-rich area with numerous retail, entertainment, lodging and recreational amenities. Additionally, the property is not far from the Rocky Mountain Metropolitan Airport that provides connectivity to private and corporate aviation.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz, Managing Director Leon McBroom and Senior Director Peter Merrion.
“The resiliency of the Northwest submarket and the strength of area tenant demand position Central Park Tower to attract additional occupancy and further bolster the income stream at the property for years to come,” Merrion said.
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 the best-in-class 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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Ascentris is a real estate private equity firm focused on value-add investing in transitional and generational real estate across the major property types and markets throughout the United States. Since 2003, Ascentris has managed institutional capital in a series of vehicles utilizing an investment approach and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, accountability, and transparency. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first.
About Cypress Office Properties
Cypress Office Properties, LLC (“Cypress”) is a San Diego-based real estate investment and operating company that specializes in acquisitions and asset management of value-add, core plus, and redevelopment office properties in key markets within the Southwest United States. The company’s primary geographic focus is Southern California, Denver and Phoenix. To learn more, please visit: cypressoffice.com.