Real Capital Solutions (RCS), in partnership with Dunton Commercial, has acquired Terrace Tower, a 243,464-square-foot Class A office building in the Denver Tech Center. The 12-story tower is located at 5619 DTC Parkway in Greenwood Village, CO. The purchase price was not disclosed; however, RCS says the acquisition basis is substantially below the estimated cost of more than $500 per square foot to develop comparable Class A office space in the Denver Tech Center.
The property was 72% occupied at acquisition, with a weighted-average lease term of 7.2 years. The tower was built in 1984 and renovated in 2021.
Terrace Tower has received nearly $10 million in recent capital investment and features a modernized lobby, fitness center, conference facilities and tenant lounge, as well as building system upgrades and a new roof.
Dunton Commercial will provide local leasing, operating and asset management expertise.
CBRE’s Charley Will, Jenny Knowlton and Chad Flynn represented the seller in the transaction.
The post RCS Picks Up Denver’s Terrace Tower appeared first on Connect CRE.
