MetLife Investment Pockets $74M for Denver Tower
- Feb 11, 2021
MetLife Investment Management has sold 4600 S. Syracuse, a 304,059-square-foot office tower in Denver to a partnership between Miller Global Properties and Principal Real Estate Investors.
Public records show the Class A asset traded for $74.3 million. Mesa West Capital originated a $59.3 million acquisition loan for the new owner. CommercialEdge data indicates that the 13-story building last changed hands in 2001 for $60.8 million.
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The high-rise was completed in 1999 on a 10-acre site and underwent renovations in 2013. The asset features a 727-space parking garage, 25,000-square-foot floorplates and recently upgraded conferencing and fitness facilities. The tower is 90 percent leased to a variety of tenants including Wolters Kluwer, Regus, Wood Partners and Argo Group, according to CommercialEdge.
Located at 4600 S. Syracuse St. within the Denver Technological Center submarket, the tower is adjacent to the intersection of interstates 25 and 225, as well as within walking distance of the Belleview light rail station. The asset is situated in the southeast suburban office market, which includes 32.4 million square feet of office space across several submarkets.
JLL Senior Managing Director Mark Katz and Senior Director Peter Merrion worked on behalf of the seller. At the same time, Senior Managing Director Eric Tupler and Senior Managing Director Josh Simon, also with the firm’s Capital Markets team, arranged the acquisition financing.
Recently, Loomis, Sayles & Co. signed a 232,000-square-foot lease extension and restructuring at MetLife Investment Management’s One Financial Center in downtown Boston. The 1.2 million-square-foot office tower is jointly owned with Norges Bank Investment Management.