{"id":1004166454,"date":"2017-02-10T07:11:05","date_gmt":"2017-02-10T15:11:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166454"},"modified":"2022-12-08T23:28:30","modified_gmt":"2022-12-09T07:28:30","slug":"griffin-capital-reit-acquires-denver-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/griffin-capital-reit-acquires-denver-office-complex\/","title":{"rendered":"Griffin Capital REIT Acquires Denver Office Complex"},"content":{"rendered":"

By IvyLee Rosario<\/em><\/p>\n

Denver<\/strong>\u2014Griffin Capital Corp., on behalf of Griffin Capital Essential Asset REIT II Inc., announced the first acquisition by the REIT\u2014a Class A office complex in the Greater Denver metropolitan area.\u00a0The REIT purchased the property from Farmers New World Life Insurance Co., which was represented by CBRE.<\/p>\n

\"Allstate<\/a>

Allstate office complex<\/p><\/div>\n

Located in Lone Tree, Colo., the three-story building comprises 70,273 square feet, solely leased to Allstate Insurance Co. for 10 years. Developed in 2000, the building underwent interior renovations in 2015 after being previously occupied by Sprint\/Nextel.<\/p>\n

“The Denver metropolitan area has been of increasing interest to leading real estate investors and operators across the country over the past several years in particular. We’re excited for the REIT to enter this rapidly growing market for the first time through the acquisition of an institutional-grade asset with the key features necessary to generate value for our investors,” said Michael Escalante, Griffin Capital’s CIO &\u00a0president of the REIT, in prepared remarks.<\/p>\n

“The property’s location and its status as a fully leased facility under a long-term agreement with a nationally-recognized, Fortune 500 tenant speak for themselves.\u00a0 We’re very pleased that this transaction enables the REIT to further diversify its holdings from both a geographic and credit concentration perspective. Equally important, this acquisition has been accomplished at an attractive risk-adjusted return given the credit quality, annual rental rate escalations, and duration,\u201d concluded Escalante.<\/p>\n

Image courtesy of Griffin Capital Corp.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The metro is becoming increasingly interesting to leading real estate investors and operators across the country. <\/p>\n","protected":false},"author":746,"featured_media":1004166594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21783,21742,21747,15],"tags":[33097,32789,33041],"class_list":["post-1004166454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-investment","category-latest","category-office","category-west","tag-allstate","tag-cbre","tag-griffin-capital"],"acf":[],"yoast_head":"\nGriffin Capital REIT Acquires Denver Office Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-reit-acquires-denver-office-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Griffin Capital REIT Acquires Denver Office Complex\" \/>\n<meta property=\"og:description\" content=\"The metro is becoming increasingly interesting to leading real estate investors and operators across the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-reit-acquires-denver-office-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-10T15:11:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:28:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Allstate-office-complex.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-reit-acquires-denver-office-complex\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-reit-acquires-denver-office-complex\/\",\"name\":\"Griffin Capital REIT Acquires Denver Office Complex - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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