A Denver real estate company is the new co-owner of a 20-building, 1.3-million-square-foot office park in western Lakewood.
DPC Companies partnered with Salt Lake City-based Bridge Investment Group to purchase the Denver West Business Park for an undisclosed sum in a deal that closed last week.
The 83-acre campus, near Colorado Mills mall with buildings on both the north and south sides of Interstate 70, has undergone $25 million in improvements since 2014. Its new owners are planning to invest another $16 million in upgrades to its buildings and amenities by 2022, according to a news release. Plans include creating a new trails system.
“With strategic renovations, we will reintroduce Denver West as a next-generation workplace that will not only change perceptions of the campus, but will also prepare the entire area for the rapid growth ahead,” DPC president and CEO Chris King, a west metro native, said in a statement.
CBRE represented the seller in the deal, HighBrook Investment Management.
The campus is about 78 percent occupied. Tenants include HomeAdvisor, which despite plans to relocate its corporate office to Denver later this year, intends to maintain operations in its current building.
The Denver metro office market has been among the most active in the country in 2018. Through the first nine months of the year, tenants soaked up 2.2 million square feet of space, a number that trails only San Francisco and midtown Manhattan for most in the country, according to research by real estate services firm Cushman & Wakefield.
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