DENVER, July 23, 2015 /PRNewswire/ -- Today, Northstar Commercial Partners (www.northstarcp.com) announced the purchase of the 204,945 sq. ft. 5500 South Quebec building in Denver's thriving Tech Center. The property, located in Greenwood Village, was acquired for $16,150,000 and is one of the largest office hubs in Colorado.
Northstar purchased the building as an attractive investment opportunity, as the main tenant CoBank will be vacating the building in March 2016 to occupy a new build-to-suit opportunity. Northstar intends to secure a future tenant(s) at the property, which has the potential to bring over 800 replacement jobs to the local community. This is a unique opportunity to secure larger space in a submarket where it is difficult to find availability.
"Our successful closing of 5500 South Quebec brings us all a good deal of excitement here at Northstar," said Brian Watson, Founder & CEO.
"In the near future, we look forward to partnering with local community and business leaders to bring over 800 jobs to this location, which will create opportunity for the employees, local businesses, and the community at large. In sum, we are in the business of creating opportunity for others through quality work environments."
Colorado's largest bank, CoBank, is currently the building's main tenant, but has plans to vacate in early 2016 to transition into their new DTC headquarters. Waste Management, the disposal and recycling company, is the other large tenant in the building.
"We're enthusiastic to find a replacement tenant(s) for CoBank, in approximately 180,000 SF of office space. This will be one of the largest blocks of stand-alone contiguous office space in the market, at a lease rate that will be significantly below newly constructed buildings. In addition, this building has unimpeded Western Views, and is within walking distance of the Landmark retail project." Watson noted.
Greenwood Village Mayor, Ron Rakowsky, emphasized the significance of the purchase: "Northstar's acquisition continues their benchmark status in the circle of notable commercial properties owners here."
"The leadership of Northstar's CEO Brian Watson in both commercial and charitable endeavors marks him as a true community leader," Rakowsky said.
Northstar is already working with several prospective tenants and user buyers for the building.
For over 15 years, Northstar has been a leader in acquiring vacant and distressed commercial real estate, as well as purchasing real estate for and from national corporations throughout Colorado and The United States. This has built strong trust and ushered in a host of new clients and partnerships.
Northstar is always expanding their efforts to serve locally and nationwide with beneficial real estate opportunities and is confident that the recent purchase of the 5500 South Quebec building will continue to reinforce that mission and long-term vision.
About Northstar Commercial Partners
Founded in 2000 by Brian Watson, Northstar Commercial Partners is a privately held commercial real estate investment company headquartered in Denver, Colorado.
Northstar acquires and operates attractive commercial real estate opportunities throughout the nation and orchestrates all aspects of the investment from initial concept through to completion.
Northstar has purchased assets from a multitude of Fortune 500 companies including, but not limited to: Shell Oil Co., GE, Columbia House, Ball Corporation, Loomis, Cargill and a national portfolio of real estate from The Benjamin Moore Paint Co., in addition to many individual assets from other owners, lenders and companies.
CONTACT: Kyle Forti, [email protected], 1-719-377-0646
SOURCE Northstar Commercial Partners