Buyer Sees Opportunity in Suburban Office Property
Denver-based investment brokerage firm Quiver Investments has successfully closed the sale of Syracuse Hill III, located at 6161 South Syracuse Way in Greenwood Village. Pantheon Syracuse, LLC purchased the asset from T&S Properties as part of a larger 1031 exchange. A purchase price was not disclosed.
In the wake of COVID, the buyer sees opportunity in low-rise suburban office with smaller footprints allowing businesses to be located close to where their employees reside.
The property consists of 46,187 square feet across three stories with 78 percent occupancy at closing. Built in 1998 and recently renovated in 2018, Syracuse Hill III underwent recent common area renovations. The building benefits from smaller office suites, a combination of underground and surface parking, excellent western views, and easy access to I-25 and the surrounding amenities.
The buyer intends to rebrand the building and invest in various other capital improvements. The team of John Hutto and Griffin Foulk with Stream Realty Partners will carry out the new leasing strategy and facilitate with the rebranding process.
The family office who purchased the asset was represented by John Witt and Ben Swanson. Patrick Devereaux, James Brady and Campbell Davis with CBRE represented the seller.