Brookwood Trades 234 KSF Office Building in Denver
- Oct 31, 2014
Brookwood Financial Partners, L.L.C. has sold Denver Highlands, a nine-story, 234,423 square foot office building in Denver, three years after purchasing it from Legacy Partners.
The real estate investment and asset management company bought the property at 10065 E. Harvard Ave. in 2011 at a low cost with plans to lease the remaining vacant space and renew impending leases of several large tenants.
Brookwood did just that. The company executed new and expansion leases for 19,347 square feet, and renewed 189,339 square feet of existing tenants leases.
“We acquired the property at a low acquisition basis and as a result, we were able to offer attractive lease terms to new and existing tenants,” Thomas Brown, Brookwood’s director of acquisitions said in a news release. “This allowed for us to execute our business plan well in advance of our initial underwriting.”
The property is currently 91 percent leased, a Brookwood spokesperson told CPE. Some of the tenants include Kaiser Health Foundation and the Community Development Institute among others.
Brookwood is a Massachusetts-based private investment firm founded in 1993 that specializes in acquiring and managing commercial real estate and corporate securities on behalf of a select group of institutional and high net worth investors. Since its start, the firm has invested more than $640 million of equity to acquire a portfolio of 142 assets with a realized and unrealized value in excess of $1.7 billion across the country.