Sale Marks First Institutional Asian-Based Capital Investment in Colorado Office Market
Shea Properties and CBRE Group, Inc., announced today the closing of CoBank Center, located at 6340 South Fiddlers Green Circle in Greenwood Village, Colorado. The seller, Shea Properties, is one of the largest privately held development companies in the west; Shea Properties is the developer of the CoBank Center and the entire Village Center Station. The buyer was a Korean institutional investor, advised by GLL Real Estate Partners, a real estate fund management group. The sale closed Dec. 15, 2015.
This transaction marks the largest office-building sale in suburban Denver in 2015 and the first Asian-based capital commercial investment in the Colorado office market. CoBank Center was completed earlier this fall and is the new headquarters for CoBank, a cooperative bank that provides financial services to agribusinesses and rural infrastructure industries in all 50 states.
Standing 11 stories, CoBank Center is a LEED Silver-Certified, Energy Star-rated building composed of 274,287 square feet across 4.22 acres. Building amenities include a full-service cafeteria, wellness center and 2,500-square-foot data center. The property is the second building in a three-building transit-oriented, mixed-use development called Village Center Station.
“This building, as well as the first building within Village Center Station, which is also 100 percent occupied, reaffirms the value of creating cutting-edge environments for today’s workforce,” said Peter Culshaw, Executive Vice President of Shea Properties. Based in Greenwood Village, Shea Properties has developed over 5 million square feet of office space in Denver, but regards the CoBank Center as a jewel of an office building.
Jeff Shell, Executive Vice President with CBRE Corporate Capital Markets in Grosse Pointe, Michigan, and Geoff Baukol, Senior Vice President with CBRE Capital Markets, Investment Properties, in Denver, represented Shea Properties as the seller.
“CoBank Center stands out as one of the premier Class A headquarters development projects in the nation,” said Shell. “The state-of-the-art building combines sustainable design with the latest technologies while enjoying panoramic mountain views in a location with walkable access to dining, entertainment and light-rail transit. The core attributes of the building combined with CoBank’s tenancy and the area’s strong fundamentals helped to capture the interest of the Korean investor.“
“Village Center Station is the nucleus of the southeast Denver office scene with 1.5 million square feet of Class A office space, the highest concentration in the submarket,” said Baukol. “CoBank Center is the newest and highest-quality asset in suburban Denver and saw incredible buyer demand.”
Situated along I-25 between Orchard Road and Arapahoe Road, tenants and guests of Village Center Station can walk to restaurants, Fiddlers Green Amphitheatre, the future Westin Greenwood Village and the Arapahoe at Village Center Station light rail stop, which provides transit to downtown Denver and, as of spring 2016, Denver International Airport.
For more information on Village Center Station, contact Peter Culshaw with Shea Properties at (303) 773-1700.
