JV Buys 13-Story Class-A Office Tower in Denver

4600 S. Syracuse, a 304,059-square-foot class-A office asset in Denver, recently sold to a joint venture between Miller Global Properties LLC and Principal Real Estate Investors. Completed in 1999 and renovated in 2013, the 13-story building features a 727-space parking garage as well as additional development upside through excess land. The 90 percent-leased property is home to 19 tenants spread across eight industries.

The JLL team representing the seller, MetLife Investment Management, was led by Mark Katz and Peter Merrion. JLL’s team representing the borrower was led by Eric Tupler and Josh Simon. JLL also procured the buyer, and worked on its behalf to secure the acquisition loan through Mesa West Capital LLC.

Denver was recently named one of the most favorable U.S. development markets for commercial construction, according to CBRE’s inaugural U.S. Development Opportunity Index. The report ranked the top 50 U.S. markets based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast. Denver ranked sixth overall and scored well at the individual property level, ranking third for multifamily development and fourth for retail.

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