Keppel Pacific Oak US REIT Buys Colorado Office Bldg
USA – Singapore-listed Keppel Pacific Oak US REIT (KORE) has just purchased a Grade A office development at Broomfield in Denver, Colorado for US$59.1 million, reported the Denver Business Journal on 23 September.
Situated at 105 Edgeview Drive at the southeast entrance to Interlocken Business Park, the 186,321 sq ft commercial property is fully occupied by 8 tenants. In particular, its anchor occupant is the business aviation arm of Chicago-based Gogo Inc.
The vendor of 105 Edgeview is Invesco Real Estate, which was represented by John Gustafson and John Jugl of Newmark.
Built in 2012, the LEED Platinum-certified commercial property was designed by Forum Architects of St. Louis and originally developed by Hines. Previously known as EOS at Interlocken, the commercial property was last transacted in December 2017 for approximately US$46.5 million.
Aside from that, Gustafson revealed that 105 Edgeview saw over 10 initial offers, proving the attractiveness of the US Route 36 corridor.
“There’s a lot of investment activity there. The US 36 corridor offers more access for employees. I expect Boulder and the corridor to be leading submarkets in Denver,” he said in an interview with the Denver Business Journal.
Specifically, Gustafson noted that the area’s real estate market is witnessing strong demand from technology, life sciences, and aerospace firms.
As a matter of fact, 105 Edgeview’s anchor tenant Gogo works in a sector that combines aviation and technology, as the firm offers broadband connectivity to the business aviation market.