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Kore Picks Up Denver Offices at Steep Discount
Kore Investments bought ParkRidge Four at 10375 Park Meadows Drive in Lone Tree from Principal Financial Group for $18 million, a steep discount compared to the $42.2 million the previous owner bought the property for in 2015.
Kore Investments also owns the Re/Max Plaza building in the Denver Tech Center and the Kore Co-Working building in Greenwood Village.
The Denver Business Journal reports that prior to closing on the ParkRidge Four building, which Kore secured through an auction, the company increased its occupancy from 82% to 89% while the property was under contract.
The building’s tenants include Amica Insurance and insurer CNA. The largest space now available for lease is about 7,000 square feet.
Kore Investments plans to spend $1 million to $3 million on a building renovation and activation plan.
