CBRE Completes $83.5M Sale of Central Park Tower
CBRE Group, Inc., announced this week the $83.5 million sale of Central Park Tower. The 297,672-square-foot Class AA LEED Gold office property is located at 385 Interlocken Boulevard in Broomfield, Colorado. The seller was FSP 385 Interlocken LLC of Wakefield, Massachusetts, and the buyer was GEM Realty Capital, Inc., of Chicago. The brokers representing the seller included Geoff Baukol, Tim Richey, Kevin Shannon, Ken White and Mike Winn. The property sale closed Jan. 19, 2016. The occupancy in the building at the time of sale was 86 percent.
“Central Park Tower is the signature office tower within Interlocken Business Park and one of the top office assets in the entire Denver metro office market,” said Mr. Baukol, executive vice president, Investment Properties, CBRE Capital Markets. “The combination of the highest-quality core asset in the tech-driven Northwest submarket and the potential to increase value through lease-up made Central Park Tower truly a rare investment opportunity.”
Completed in 2010, Central Park Tower stands 11 stories and features large, rectangular floor plates—averaging nearly 28,000 square feet.
“With little new construction in the last cycle, blocks of high-quality space are extremely scarce in the Northwest market,” said Chris Phenicie, senior vice president, CBRE Office Brokerage Services in Denver. “There is currently no other competitive Class A option in the market like Central Park Tower.”
Located along the U.S. 36 corridor, Central Park Tower sits about halfway between Boulder and Denver. The building includes a number of tenant amenities, including an on-site coffee shop, lockers and showers to facilitate use of adjacent trails and bike paths and a newly opened collaboration center, which provides both open and private space for meetings along with TVs and a fireplace. The site is also located near Flatiron Crossing Regional Mall, Rocky Mountain Metropolitan Airport, the Omni Interlocken Hotel and golf course, and the 1st Bank Center entertainment venue.
Photo credit: CBRE