California Investor Buys Lakewood Office Building in Off-Market Transaction
Lakewood, CO – California-based Commercial Real Estate Investor Cress Capital, today announced the recent off-market acquisition of Union Tower, a 210,000-square-foot office building in Lakewood, from TA Realty.
“Cress’ relationship with TA has strengthened with our recent transactions,” said Ryan Parkin, managing partner of Cress Capital. “Relationships and reputation are incredibly important in our industry, and we look forward to continuing to work together on future deals.”
The acquisition highlights Cress Capital’s strategy of selecting well-positioned suburban office properties in highly-amenitized locations.
“We see a lot of potential in the West Denver submarket,” said Tom Parnell, Cress partner, “With downtown rents rising and commute times worsening, it’s a market in which we are seeing increased attention, and expect to see substantial growth.”
In addition to having more than 25 restaurants within walking distance, Union Tower is a short-walk from the Federal Center light rail stop and next door to Beacon85, a newly-built luxury apartment building. Site elevation and building design provide ideal view space of downtown Denver from every floor.
Owned by TA Realty since 2010, Union Tower is one of the top office buildings in the West Denver submarket. In 2016, TA began building renovations, updating the lobbies and several floors. Cress will pick up where TA left off, with plans for a nearly $1 million capital campaign catering to tenants that includes a new tenant amenity center featuring a tenant lounge, gym and conference center.
The building’s largest tenant, Michael Baker International – a leading engineering, planning and consulting firm – recently signed a long-term lease for the top floor of the building.
“Union Tower is one of the top office assets in West Denver,” said Parnell. “The new amenity center will be a true differentiator, putting the building in a class of its own among the competition.”
This transaction closes an active year for Cress Capital with more than 1 million square feet in office properties acquired in California and Colorado.
Headquartered in Newport Beach, California, Cress Capital is a rapidly growing commercial real estate investor. Formed in 2012, Cress specializes in the acquisition of primarily office and industrial properties in the Western U.S.
Image courtesy of Cress Capital