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KBS completed a comprehensive capital improvement plan that included the installation of a fitness center and a unique lounge for tenants
DENVER – (BUSINESS WIRE) – KBS, one of the largest investors in blue chip commercial real estate, has sold Peakview Tower, a nine story, 264,149 square foot office tower in Greenwood Village, Colorado, in the Southeast Denver Market. The property was purchased by a joint venture led by Vanderbilt Office Properties for $ 66 million.
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KBS sells Peakview Tower (Photo: Business Wire)
KBS originally acquired Peakview Tower in August 2012, recognizing the high value potential of the Denver market, according to Gio Cordoves, KBS regional president West.
“As in all markets in which KBS invests, Denver has strong job and population growth, solid infrastructure and a number of respected universities. The market is also attracting top tech talent, with Millennials making up 33% of the population and Denver having the largest net migration of Millennials in 2019, ”Cordoves said. “By acquiring this trophy office building nine years ago, KBS identified a premium asset well located in an emerging market positioned for steady growth in the years to come. Today we fulfilled that promise in the sale of Peakview Tower. ”
Located in Fiddler’s Green Circle, a suburban micro-market with a traditionally low Class A vacancy rate, the tower features 27,600 square feet of floors, ceiling heights of over 9 feet, covered and attached parking and a two-story lobby atrium, among a host of other modern conveniences for office tenants.
“Peakview Tower has a strong appeal for tenants looking for well-appointed office space ideally located in one of Denver’s most prestigious and successful micro-markets,” said Tim Helgeson, asset manager for Peakview Tower and senior vice president for KBS. “With its generous ceiling heights and wide line of windows offering views of the Rocky Mountains, the building maximizes natural light, reduces energy consumption, while providing a beautiful working environment for tenants in this market.
Built in 2001, KBS recently completed a series of landmark asset upgrades, most recently adding a state-of-the-art fitness center and boutique tenant lounge offering coffee service with a barista. in a contemporary setting next to an outdoor patio.
In addition to top-notch on-site amenities, the Peakview Tower provides access to amenities typically only found in urban areas, such as a food court, Starbucks, grocery store, movie theater, more from 200 hotel rooms, the Denver streetcar system and a variety of shopping, dining and entertainment options – all within a five-minute walk of the building, ”says Helgeson. “This optimal location gives the property a distinct advantage in the market and makes it particularly attractive to buyers.
“The Peakview Tower’s exceptional design, unrivaled location, and proximity to everything office tenants desire in the market has drawn us to the property,” says Chuck Gillum of Vanderbilt Office Properties. “This acquisition for us is the first of many to come to the Denver market.”
Mark Katz, Senior Managing Director and Peter Merrion, Senior Managing Director at JLL, represented KBS in the sale of Peakview Tower.
“KBS has been able to maintain a high average occupancy rate at Peakview Tower well above others in the market for the past five years, even during renovations and throughout the pandemic,” Merrion said. “This is a testament to KBS’s proven property management strategy, as well as the high value of this asset. ”
Attorneys Bruce Fischer and Howard Chu, and paralegal Amanda Kennedy of the global law firm Greenberg Traurig, of the Orange County office of LLP, as well as attorney Mark Baker of the Greenberg Traurig office in Denver, represented KBS as legal advisor in the acquisition.
“We were very pleased to represent KBS in this important strategic transaction,” said Fischer, president of Greenberg Traurig of the West Coast real estate practice and co-managing shareholder of the Orange County office, who led the Greenberg Traurig team representing KBS.
The Peakview Tower is located at 6465 Greenwood Plaza Boulevard in Greenwood Village, Colorado.
Please find photos of the property here.
KBS is one of the largest investors in leading commercial real estate in the country. As an SEC-registered private equity real estate firm and investment advisor, KBS and its affiliates have completed over $ 43 billion in transactional activity on behalf of private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the country’s most successful epicenters. The firm is committed to its business ethics, its business relations and its constant concern to exceed the expectations of its investors, partners and tenants. Registration with the SEC as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
About Vanderbilt Office Properties
Vanderbilt Office Properties (“VOP”) is a vertically integrated real estate investment manager focused on office investment opportunities in the United States. , manages and / or leases 16.8 million square feet of office space. For more information on VOP, please visit www.vanderbiltptrs.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the ability of KBS to invest in and manage a diversified portfolio and performance of Peakview Tower and the Denver, Colorado real estate market. These statements are subject to risks, uncertainties and other known and unknown factors which may cause the actual results, performance or achievements of KBS and / or Peakview Tower to be materially different from the future results, performance or achievements expressed or underperformed. understood by these forward-looking statements. statements.
Lexi Astfalk or Jenn Quader
KBS Public Relations Director