Acquisition of 264,149-square-foot office tower
in Centennial, Colo., bolsters advisors' Denver-area portfolio
KBS Realty Advisors Lands Coveted Office Tower Outside Denver
Centennial, Colo. - Sept. 5, 2012: – KBS Realty Advisors continues its strong acquisition activity with the recent purchase of Peakview Tower, a signature, 10-story office tower in the prestigious Greenwood Plaza office market in Centennial, Colo., 10 south miles of downtown Denver. The Newport Beach, Calif.-based real estate advisor and non-traded REIT sponsor, acquired the 264,149-square-foot, LEED Silver office project on behalf of a separate account investor.
Mary Sullivan and John Jugl of the Denver office of Jones Lang LaSalle represented the seller in the acquisition, which closed Aug. 24, 2012.
Located in the heart of an enclave of the newest Class A buildings in the southeast submarket of Denver, Peakview Tower is convenient to many nearby retail amenities, as well as the exclusive residential neighborhoods of Cherry Hills and Greenwood Village. Situated three blocks west of I-25 and the Arapahoe light rail station, the project is transit-friendly and has easy access to all of metro Denver. The Greenwood Plaza submarket has been the focus of a great deal of public and private development over the past 10 years with an emphasis on mixed-use and transit-oriented projects.
"Few properties in Denver can boast the same combination of location, quality construction, access to transit, unobstructed mountain views, and overall tenant appeal as Peakview Tower," explained Christopher Aust, southwest region senior vice president and director of acquisitions for KBS Realty Advisors. "Our ability to add it to the KBS portfolio is exciting for the company, and we expect its blend of all of these factors to result in strong long-term tenant retention."
Peakview Tower was completed in 2001 and sits west of the Comfort Dental Amphitheater – a popular performing arts venue that hosts live concerts and other performances throughout the summer months. The building is currently home to 15 tenants, including JP Morgan Chase, Bank of America, and United Healthcare. At 92.4 percent leased, the project provides stable in-place cash flows along with some opportunity to capitalize on improving market fundamentals in this active submarket.
"Peakview Tower is one of five trophy assets in Denver's southeast submarket," explained Mark Brecheen, KBS Realty Advisors senior vice president for asset management. "The opportunity to add a building of this quality to our portfolio is exciting, and we look forward to continuing our strong history of providing best-in-class office space to the Denver market."
KBS-affiliated companies own more than 1.3 million square feet in the Denver area, including Plaza at Inverness in Englewood, Crescent VIII in Greenwood Village, The Citadel in the Cherry Creek neighborhood and Denver's 210 University, 16 Market Square, Granite Tower and Tower Colorado.
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS Realty Advisors and its affiliated companies have completed transactional activity of more than $25.0 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.
Cindy Tullues or Bob Ochsner
DGWB for KBS Companies