Two Buildings at Interlocken Business Park Sell for $102.5M

380 Interlocken Crescent

Real estate investment management firm Rockwood Capital and Seattle-based commercial real estate firm Urban Renaissance Group (URG), have acquired 380 Interlocken Building and 390 Interlocken Building in Broomfield for $102.5 million, according to two separate warranty deeds. 390 Interlocken Crescent sold for $60.5 million and 380 Interlocken Crescent sold for $42 million. The seller was Massachusetts-based Franklin Street Properties.

Both buildings are located in the vibrant Interlocken Business Park, adjacent to U.S. Route 36 between downtown Denver and Boulder. The two attractive 10-story, Class-A, office assets totaling more than 480,000 square feet, are occupied by California-based software company VMware Inc. and Vail Resorts. Both buildings are U.S. Green Building Council LEED Gold-certified.

“We are excited to partner for the first time with URG and in the Denver area market where we have extensive real estate holdings,” said Matthew Friedman, managing director at Rockwood. “The Denver area and Broomfield, in particular, are bright spots in the national economy for office space, and we see great potential to increase occupancy with enhanced amenities in the two buildings, which together are 80% leased.”

“We are thrilled to add such a premier collection of office assets to our Denver portfolio. The assemblage offers rare scale and a blank canvas from which to recreate a sense of community through upgraded physical spaces, new amenity offerings and thoughtful programming,” said URG Managing Director, Denver, Brad Schmidt.

Featuring a new and improved conference facility and fitness center with recent lobby, corridor, restroom and elevator upgrades, the 380 Interlocken Building was built in 2000. An amenity hub is planned that will serve the complex. The building is currently 60+ percent leased which presents an opportunity for tenant expansion.

Built in 2002, the 99+ percent leased 390 Interlocken Building features recent fitness center updates. Urban Renaissance Group will continue to improve the tenant experience through an Amenities hub and other improvements to the property.

Located on nine acres, the 380 and 390 Interlocken Buildings are surrounded by extensive parks, outdoor trails and open space with more than 12 miles of existing or planned biking/pedestrian paths nearby.

Rockwood manages a portfolio of approximately $12.4 billion in gross asset value focused on debt and equity capital investment in residential, office, retail and hotel sectors in major cities and emerging urban and suburban nodes across the U.S., with close proximity to transit and infrastructure.

URG Furthers Expansion Plans in Robust Denver Market

These two assets represent URG’s sixth and seventh local acquisitions. With this acquisition, the company continues its Denver-area expansion to nearly 1 million total square feet of office space.

With a focus on downtown Denver including lower downtown (LoDo), the historic Ballpark District, the River North Arts District (RiNo), the Cherry Creek neighborhood, and U.S. Route 36 between Boulder and Denver, URG recently announced plans for expansion in Denver-area office, multifamily and hotel markets along with office acquisitions — including a special emphasis on the technology and life science sectors.

The company began pursuing property investments in Denver in 2014 and with the acquisition of the 380 & 390 Interlocken Buildings it now owns and operates seven properties in the area totaling 980,000+ square feet of office; it also has two residential development sites in downtown Denver.

The JLL sales team of Peter Merrion, Mark Katz, and Hilary Barnett represented Franklin Street Properties in the sale of these assets.


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