{"id":1004546719,"date":"2021-08-09T04:16:20","date_gmt":"2021-08-09T12:16:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546719"},"modified":"2022-12-08T05:51:14","modified_gmt":"2022-12-08T13:51:14","slug":"denver-area-office-high-rise-commands-66m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/denver-area-office-high-rise-commands-66m\/","title":{"rendered":"Denver-Area Office High Rise Commands $66M"},"content":{"rendered":"
\"\"<\/a>

Peakview Tower in Greenwood Village, Colo. Image courtesy of KBS<\/p><\/div>\n

KBS has found a new owner for its Peakview Tower in Greenwood Village, Colo. The commercial real estate investor sold the 264,149-square-foot suburban Denver office asset to a joint venture headed by Vanderbilt Office Properties in a $66 million deal. KBS had owned the Class A property since purchasing it in August 2012 for $54 million.<\/p>\n

Located on a 6.5-acre site at 6465 Greenwood Plaza Blvd., roughly 15 miles south of downtown Denver in the city’s Southeast market, Peakview sprouted up in 2001 within the now-coveted Fiddler’s Green Circle suburban micro-market, where occupancy rates tend to hover on the high side.<\/p>\n

\n

READ ALSO:<\/strong> High-Quality Office Product Generates Heightened Investor Interest<\/a><\/p>\n

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When KBS acquired Peakview<\/a> nearly a decade ago, Denver was considered an emerging market. However, the 10-story building was just over 92 percent leased, and for the last five years, the LEED Silver-certified property has maintained a stronger than average occupancy rate.<\/p>\n

KBS turns Peakview over to its new owner with Denver having moved into the position of premier secondary market primed for additional growth, and with the building having emerged from a series of capital improvements, including the addition of a cutting-edge fitness facility and a tenant lounge.<\/p>\n

JLL\u2019s Mark Katz and Peter Merrion negotiated the deal on behalf of the seller.<\/p>\n

Still active in the Mile High City<\/strong><\/h2>\n

Following the disposition of Peakview, KBS continues to maintain a presence in the recovering metropolitan Denver office sector<\/a>.<\/p>\n

The city’s long-term prognosis is good. “Denver\u2019s economic recovery is now on pace with the U.S. at large and should accelerate from here, bouncing back sooner than most other metros,” according to a second quarter 2021 report by JLL. Despite the pandemic-induced challenges, the city continues to benefit from highly educated workforce comprised of prime-age talent and a diverse mix of industries, the report said.<\/p>\n

KBS’ remaining office footprint in Denver includes downtown’s iconic, 31-story Granite Tower, where the company completed $11 million in renovations in January 2021. Two months later, in March, KBS continued upgrades at the property, with the nearly 600,000-square-foot high-rise becoming the first CBD building in Denver to have its aging HVAC system replaced via heavy lift helicopter, whittling the traditionally lengthy process down to a mere 75 minutes.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

KBS had owned the Class A property in Greenwood Village, Colo., for nearly 10 years.<\/p>\n","protected":false},"author":969,"featured_media":1004546720,"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":[32796,43841,51463],"class_list":["post-1004546719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-investment","category-latest","category-office","category-west","tag-jll","tag-kbs","tag-vanderbilt-office-properties"],"acf":[],"yoast_head":"\nDenver-Area Office High Rise Commands $66M - 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\/denver-area-office-high-rise-commands-66m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Denver-Area Office High Rise Commands $66M\" \/>\n<meta property=\"og:description\" content=\"KBS had owned the Class A property in Greenwood Village, Colo., for nearly 10 years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/denver-area-office-high-rise-commands-66m\/\" \/>\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=\"2021-08-09T12:16:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:51:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Peakview-Tower-in-Greenwood-Village-Colo.-Image-courtesy-of-KBS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Denver-Area Office High Rise Commands $66M\",\"datePublished\":\"2021-08-09T12:16:20+00:00\",\"dateModified\":\"2022-12-08T13:51:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/\"},\"wordCount\":390,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/08\\\/Peakview-Tower-in-Greenwood-Village-Colo.-Image-courtesy-of-KBS.jpg\",\"keywords\":[\"JLL\",\"KBS\",\"Vanderbilt Office Properties\"],\"articleSection\":[\"Deals\",\"Denver\",\"Investment\",\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/denver-area-office-high-rise-commands-66m\\\/\",\"name\":\"Denver-Area Office High Rise Commands $66M - 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