Denver's a market of eager buyers and willing sellers of office product. Recently Columbia Property Trust completed its sale of a suburban office complex in Englewood to Angelo, Gordon & Co for $122M.
The 370k SF property on South Jamaica Street was especially attractive to buyers because it's fully leased to engineering giant CH2M as its global HQ—a lease renewed last year. "We wanted to capitalize on the value created by the renewal and access that capital for other uses, in line with our focus on our core CBD markets," Columbia Property Trust CEO Nelson Mills tells us.
“Our team and portfolio are focused on high-barrier CBD markets, with our holdings primarily concentrated in New York, San Francisco and Washington, DC," he says. The company has been selling non-core assets recently, including this one.
"While Denver as a whole is benefiting from tight vacancy levels and strong office demand, this campus on South Jamaica Street has been our only property in the Denver area for several years, located outside the city’s CBD," Nelson says. The sale brings the company to a total of $357M of completed dispositions this year as part of its plan to dispose of roughly $700M to $1B of assets in 2016.
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