{"id":1004595433,"date":"2022-08-04T02:08:03","date_gmt":"2022-08-04T10:08:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004595433"},"modified":"2022-12-08T10:36:28","modified_gmt":"2022-12-08T18:36:28","slug":"menashe-expands-in-denver-with-50m-office-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/","title":{"rendered":"Menashe Expands in Denver With $50M Office Buy"},"content":{"rendered":"
\"Stanford<\/a>

Stanford Place III. Image courtesy of Menashe Properties Inc.<\/p><\/div>\n

Menashe Properties Inc.<\/strong> is keen on industrial, retail and office, and has just expanded its holdings in the latter sector with the acquisition of Stanford Place III, an approximately 370,000-square-foot property in Denver. The Portland-based family office acquired the Class A asset for approximately $50 million, according to Denver County property records.<\/p>\n

\u201cIn this middle market, institutional-size range where I like to play, the $20 million to $100 million office assets, there are a lot of opportunities,\u201d Jordan Menashe, CEO & principal, Menashe Properties Inc., told Commercial Property Executive<\/em>. \u201cWe closed without financing and have already secured term financing for the property through an insurance company.\u201d<\/p>\n

It could be said that Menashe Properties acquired the asset below replacement cost. The 17-story office tower\u2019s fee simple interest last changed hands in 2007, when SteelWave<\/strong> acquired the property for $73.1 million. Steelwave recapitalized the asset in 2016, selling a portion of the building to Angelo Gordon in a transaction valued at nearly $39.3 million.<\/p>\n

Sited on nearly 7 acres at 4582 S. Ulster St. in the Denver Tech Center, Stanford Place III welcomed its first tenants in the mid-1980s and has maintained its luster over the years through renovations, the most recent of which took place in 2017. In addition to offering a key location near main thoroughfares and light rail, the building features a host of amenities, including a fitness center, an updated conference facility, a tenant lounge and a Starbucks and deli.<\/p>\n

Embracing the upside<\/h2>\n

Today, Stanford Place III is home to a vast array of tenants, such as staffing agency Randstad, design firms, insurance companies and a handful of real estate companies, including Aimco and Apartment Income REIT Corp. The property is approximately 70 percent occupied, which places it firmly in the below-average range for the area, as the vacancy rate in metropolitan Denver was 20 percent in the second quarter of 2022, according to a report by CBRE. Menashe, however, couldn\u2019t be happier.<\/p>\n

\u201cSeventy percent occupancy is music to my ears,\u201d Menashe said. \u201cI\u2019m cash-flow driven, so this is my thesis: I want to be the best value\u2014not the cheapest\u2014I want to be, for what a tenant receives and what a tenant pays, the best value in the state, city, market or submarket that I\u2019m in, anywhere. Period.\u201d<\/p>\n

For Stanford Place III\u2019s new life under Menashe Properties\u2019 ownership, with Robert Whittelsey and Abby Pattillo of Colliers<\/strong> aboard to spearhead marketing and leasing, the application of the \u201cbest value\u201d gameplan may involve any number of strategies. \u201cTenants want to feel like they\u2019re getting a good value,\u201d Menashe added. \u201cSo, when I see 70 percent occupied, for me, that\u2019s only upside. I\u2019m going to improve the vacancies.\u201d<\/p>\n

Despite the Denver office market\u2019s difficulty<\/a> in regaining its pre-pandemic vacancy-rate stamina, there are tenants looking for space. Leasing activity was reassuring in the second quarter at 1 million square feet, marking the fifth consecutive quarter that deal volume met or exceeded 1 million square feet, per the CBRE report. Additionally, occupiers in Denver continue the flight to quality, eager to set up shop in a space with coveted amenities in an effort to lure employees back to the office.<\/p>\n

With the closing of the Stanford Place III acquisition, Menashe Properties\u2019 metropolitan Denver portfolio now totals approximately 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company acquired a Class A, 17-story tower.<\/p>\n","protected":false},"author":969,"featured_media":1004595438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,22251,21783,21742,21747,15],"tags":[32789,33027],"class_list":["post-1004595433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-in-focus","category-investment","category-latest","category-office","category-west","tag-cbre","tag-steelwave"],"acf":[],"yoast_head":"\nMenashe Expands in Denver With $50M Office Buy - CPE<\/title>\n<meta name=\"description\" content=\"Menashe Properties Inc. has bought Stanford Place III, a 370,000-square-foot office building in Denver, from SteelWave.\" \/>\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\/menashe-expands-in-denver-with-50m-office-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Menashe Expands in Denver With $50M Office Buy\" \/>\n<meta property=\"og:description\" content=\"Menashe Properties Inc. has bought Stanford Place III, a 370,000-square-foot office building in Denver, from SteelWave.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/\" \/>\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=\"2022-08-04T10:08:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:36:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Stanford-Place-III-Denver-e1659607193772.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/\",\"name\":\"Menashe Expands in Denver With $50M Office Buy - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Stanford-Place-III-Denver-e1659607193772.jpg\",\"datePublished\":\"2022-08-04T10:08:03+00:00\",\"dateModified\":\"2022-12-08T18:36:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"Menashe Properties Inc. has bought Stanford Place III, a 370,000-square-foot office building in Denver, from SteelWave.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/menashe-expands-in-denver-with-50m-office-buy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Stanford-Place-III-Denver-e1659607193772.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Stanford-Place-III-Denver-e1659607193772.jpg\",\"width\":1068,\"height\":801,\"caption\":\"Stanford Place III. 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